Nifty-Intra Day Chart (12-Nov-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 8395-8415
2- Whole day actual trading between 8371-8415
Last 5 sessions sideways market between 8291-8383 and this range was broken out today but without required force and good selling was seen between 8395-8415 therefore this range will work as 1st resistance and until complete consolidation will not be seen till then Nifty will not sustain above 8415. As good consolidation and supports above 8291 in previous 5 sessions therefore Nifty will be understood sideways between 8291-8415 and sustaining beyond this range next decisive moves confirmation.
Indian markets are most Bullish and all trends are up as well as until complete selling patterns will not develop on EOD charts till then Short Term Correction will not be considered. As oscillators are overbought therefore Very short Term or intraday correction may be seen any day after few hours selling or profit booking as well as only such type of correction may be seen after higher levels good selling today.
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1- Selling between 8395-8415
2- Whole day actual trading between 8371-8415
Conclusions from intra day chart analysis
Last 5 sessions sideways market between 8291-8383 and this range was broken out today but without required force and good selling was seen between 8395-8415 therefore this range will work as 1st resistance and until complete consolidation will not be seen till then Nifty will not sustain above 8415. As good consolidation and supports above 8291 in previous 5 sessions therefore Nifty will be understood sideways between 8291-8415 and sustaining beyond this range next decisive moves confirmation.
Indian markets are most Bullish and all trends are up as well as until complete selling patterns will not develop on EOD charts till then Short Term Correction will not be considered. As oscillators are overbought therefore Very short Term or intraday correction may be seen any day after few hours selling or profit booking as well as only such type of correction may be seen after higher levels good selling today.