Nifty-Intra Day Chart (19-Nov-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 8420-8431
2- Consolidation between 8360-8373
3- Whole day actual trading between 8360-8452
As Bearish Rising Wedge formation on 17-11-2014 and good selling on 18-11-2014 therefore following line was told on 18-11-2014 in Technical Analysis and Market Outlook(19-11-2014):-
As was told 100% same happened and Nifty slipped below 8,407.25 as well as closed at 8,382.30 on 19-11-2014
All trends are up and very Short Term correction seen yesterday but lower levels consolidation was also seen therefore Nifty will be understood sideways between 8360-8454 and sustaining beyond this range will be next immediate moves first indication below 8360 and confirmation above 8454.
Indian markets are most Bullish and Nifty turned sideways for the last 11 sessions between 8290-8456 after strong rally on 30 and 31-Oct-2014. As Bullish markets correct sideways and range bound mode also therefore this possibility will be considered at this moment.
 |
| Just click on chart for its enlarged view |
1- Selling between 8420-8431
2- Consolidation between 8360-8373
3- Whole day actual trading between 8360-8452
Conclusions from intra day chart analysis
As Bearish Rising Wedge formation on 17-11-2014 and good selling on 18-11-2014 therefore following line was told on 18-11-2014 in Technical Analysis and Market Outlook(19-11-2014):-
Nifty will slip below today lowest(8,407.25) as well as very Short Term correction will be seen in the coming sessions.
As was told 100% same happened and Nifty slipped below 8,407.25 as well as closed at 8,382.30 on 19-11-2014
All trends are up and very Short Term correction seen yesterday but lower levels consolidation was also seen therefore Nifty will be understood sideways between 8360-8454 and sustaining beyond this range will be next immediate moves first indication below 8360 and confirmation above 8454.
Indian markets are most Bullish and Nifty turned sideways for the last 11 sessions between 8290-8456 after strong rally on 30 and 31-Oct-2014. As Bullish markets correct sideways and range bound mode also therefore this possibility will be considered at this moment.
Nifty will trade and prepare for next big moves between 8290-8456 in the coming sessions because both higher levels selling and equally good consolidation also at lower levels and sustaining beyond or forceful break out of this range will be confirmation therefore should be watched for confirmation.