Nifty-Intra Day Chart (13-Nov-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 8368-8402 in first 5 hours
2- Whole day actual trading between 8321-8402
Following line was told at 04:52 PM on 12-11-2014 in Technical Analysis and Market Outlook(13-11-2014):-
As was told 100% same happened and:
1- 8395-8415 proved strong resistance on 13-11-2014
2- Nifty could not move above it,
3- Nifty slipped below 8395 sharply and
4- Nifty made lowest formation at 8320.35
As follow up good selling seen in first 5 hours on 13-11-2014 therefore correction continuation will be seen and until complete consolidation will not be seen till then Nifty will not sustain above following resistance ranges:-
1- 8368-8402
2- 8395-8415
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1- Selling between 8368-8402 in first 5 hours
2- Whole day actual trading between 8321-8402
Conclusions from intra day chart analysis
Following line was told at 04:52 PM on 12-11-2014 in Technical Analysis and Market Outlook(13-11-2014):-
good selling was seen between 8395-8415 therefore this range will work as 1st resistance
As was told 100% same happened and:
1- 8395-8415 proved strong resistance on 13-11-2014
2- Nifty could not move above it,
3- Nifty slipped below 8395 sharply and
4- Nifty made lowest formation at 8320.35
As follow up good selling seen in first 5 hours on 13-11-2014 therefore correction continuation will be seen and until complete consolidation will not be seen till then Nifty will not sustain above following resistance ranges:-
1- 8368-8402
2- 8395-8415
Nifty is sideways between 8291-8415 and now correction continuation within this range will be considered as well as sustaining beyond this range next decisive moves confirmation. It must be kept in mind that until complete consolidation will not happen till then Nifty will not move above 8415.