Nifty-Intra Day Chart (04-Dec-2014):-
Technical Patterns and Formations in today intraday charts
1- Most time trading between 8527-8578
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 8527-8626
All trends are up but Bearish Rising Channel formations in last 22 sessions between 8290-8627 and Oscillators are showing negative divergence also therefore emergence of correction possibility which may be minimum Short Term to Intermediate term. As Bull markets complete its correction within sideways markets therefore deeper correction will be considered only after sustaining below 8290.
Although new life time high formation after huge gap up opening yesterday but slipping sharply also immediately after opening and most time trading between 8527-8578 with Up moves in Bearish Rising Channel therefore view will not be Bullish until complete consolidation will not be seen and Nifty will not sustain above 8578. It is confirm that once slipping and sustaining below 8527 will mean sharp down possibility.
Last 8 sessions trading between 8430-8627 with following supports and resistances:-
1- Supports between 8430-8490(Strong supports)
2- Supports between 8506-8543(Weaker supports)
3- Resistances between 8590-8618(Strong resistances)
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1- Most time trading between 8527-8578
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 8527-8626
Conclusions from intra day chart analysis
All trends are up but Bearish Rising Channel formations in last 22 sessions between 8290-8627 and Oscillators are showing negative divergence also therefore emergence of correction possibility which may be minimum Short Term to Intermediate term. As Bull markets complete its correction within sideways markets therefore deeper correction will be considered only after sustaining below 8290.
Although new life time high formation after huge gap up opening yesterday but slipping sharply also immediately after opening and most time trading between 8527-8578 with Up moves in Bearish Rising Channel therefore view will not be Bullish until complete consolidation will not be seen and Nifty will not sustain above 8578. It is confirm that once slipping and sustaining below 8527 will mean sharp down possibility.
Last 8 sessions trading between 8430-8627 with following supports and resistances:-
1- Supports between 8430-8490(Strong supports)
2- Supports between 8506-8543(Weaker supports)
3- Resistances between 8590-8618(Strong resistances)
As forceful break out above 8618 will be next up move confirmation and sustaining below 8430 will be first strong signal of deeper correction therefore sustaining beyond 8430-8618 will be next decisive moves confirmation and should be firstly watched in the coming sessions.