Nifty-Intra Day Chart (08-Dec-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 8507-8546 in first 3 hours
2- Mixed Patterns between 8432-8466 in last 3 hours
3- Whole day actual trading between 8432-8546
Although Nifty closed 25 points up on 04-12-2014 after new life time high formation at 8626.95 but we told for correction in following lines in Technical Analysis and Market Outlook(05-12-2014)
1- emergence of correction possibility which may be minimum Short Term to Intermediate term
2- It is confirm that once slipping and sustaining below 8527 will mean sharp down possibility.
Only and only correction was told in previous both sessions Outlooks and Nifty closed:-
1- 25 points down on 05-Dec-2014
2- 100 points down on 08-Dec-2014
Minimum target of Nifty at 8616.90 was told on 12-05-2014 in following topic:-
Although Nifty closed near the lowest of the day today after first 3 hours selling but mixed Patterns formations also seen between 8432-8466 in last 3 hours therefore firstly sustaining it beyond should be watched tomorrow because sufficient consolidation was also seen in last 3 hours today.
Correction is on and only minor signal of its completion because mixed Patterns formations today therefore firstly follow up moves with sustaining beyond 8432-8466 must be watched tomorrow for deeper correction confirmations below 8432 and fresh rally after correction completion confirmations above 8466.
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1- Selling between 8507-8546 in first 3 hours
2- Mixed Patterns between 8432-8466 in last 3 hours
3- Whole day actual trading between 8432-8546
Conclusions from intra day chart analysis
Although Nifty closed 25 points up on 04-12-2014 after new life time high formation at 8626.95 but we told for correction in following lines in Technical Analysis and Market Outlook(05-12-2014)
1- emergence of correction possibility which may be minimum Short Term to Intermediate term
2- It is confirm that once slipping and sustaining below 8527 will mean sharp down possibility.
Only and only correction was told in previous both sessions Outlooks and Nifty closed:-
1- 25 points down on 05-Dec-2014
2- 100 points down on 08-Dec-2014
Minimum target of Nifty at 8616.90 was told on 12-05-2014 in following topic:-
Firstly Nifty achieved our target and then corrected 195 points after forming life time high at 8626.95 on 04-12-2014.
Although Nifty closed near the lowest of the day today after first 3 hours selling but mixed Patterns formations also seen between 8432-8466 in last 3 hours therefore firstly sustaining it beyond should be watched tomorrow because sufficient consolidation was also seen in last 3 hours today.
Correction is on and only minor signal of its completion because mixed Patterns formations today therefore firstly follow up moves with sustaining beyond 8432-8466 must be watched tomorrow for deeper correction confirmations below 8432 and fresh rally after correction completion confirmations above 8466.