Nifty-Intra Day Chart (Nov 03 to Nov 07,2014):-
Technical Patterns and Formations in last 3 Sessions intraday charts
1- Higher levels selling and lower levels good consolidations in last 3 sessions
2- 3 Sessions actual trading between 8291-8365
Conclusions from 3 Sessions intra day chart analysis
Higher levels selling and lower levels good consolidations in last 3 sessions of previous week therefore Nifty will be understood sideways within 8291-8365
Nifty-Intra Day Chart (07-Nov-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6291-6318
2- Minor selling patterns at higher levels
3- Whole day actual trading between 6291-6360
Conclusions from intra day chart analysis
Although lower levels good consolidation but selling patterns formations also at higher levels therefore firstly follow up consolidation is must for decisive up moves despite day's closing near the higher levels of the day.
Conclusions (After Putting All Studies Together)
Nifty traded 49 sessions sideways between 7724=8180 and this trange was forcefully broken out on 31-10-2014 as well as last 3 sessions of previous week were range bound between 8291-8365. Although lower levels good consolidation but some selling was also seen in last 3 sessions of previous week therefore expected that Nifty will firstly trade and prepare for next decisive moves within the trading range of previous week(8291-8365). Next supports and resistances are as follows:-
1- Supports between 6291-6318
2- Supports between 8324-8337
3- Supports between 8298-8310
4- Resistances between 8351-8364
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| Just click on chart for its enlarged view |
1- Higher levels selling and lower levels good consolidations in last 3 sessions
2- 3 Sessions actual trading between 8291-8365
Conclusions from 3 Sessions intra day chart analysis
Higher levels selling and lower levels good consolidations in last 3 sessions of previous week therefore Nifty will be understood sideways within 8291-8365
Nifty-Intra Day Chart (07-Nov-2014):-
 |
| Just click on chart for its enlarged view |
1- Consolidation between 6291-6318
2- Minor selling patterns at higher levels
3- Whole day actual trading between 6291-6360
Conclusions from intra day chart analysis
Although lower levels good consolidation but selling patterns formations also at higher levels therefore firstly follow up consolidation is must for decisive up moves despite day's closing near the higher levels of the day.
Conclusions (After Putting All Studies Together)
Nifty traded 49 sessions sideways between 7724=8180 and this trange was forcefully broken out on 31-10-2014 as well as last 3 sessions of previous week were range bound between 8291-8365. Although lower levels good consolidation but some selling was also seen in last 3 sessions of previous week therefore expected that Nifty will firstly trade and prepare for next decisive moves within the trading range of previous week(8291-8365). Next supports and resistances are as follows:-
1- Supports between 6291-6318
2- Supports between 8324-8337
3- Supports between 8298-8310
4- Resistances between 8351-8364
As good supports at lower levels in previous week therefore strong possibility fresh rally after follow up consolidations and sustaining above last 3 days highest(8365).