Nifty-Intra Day Chart (04-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7623-7643
2- Bullish Flag formations in 3 hour
3- Up moves with intraday correction
4- Whole day actual trading between 7623-7694
Following line was told on 01-08-2014 in Mid-session Outlook-2:-
sustaining beyond next supports range(7600-7650) should be watched for next big trend confirmations
Following lines were told today at 10:43 AM in Mid-session Outlook(04-08-2014):-
1- consolidation also seen at lower levels
2- emergence of correction completion possibility
3- next decisive big moves confirmation will be sustaining beyond 7600-7650.
Long and Intermediate term trends are up and Short Termk trend is sideways between 7423-7840 for rhe last 41 sessions. Next supports are between 7600-7650 and next resistances are as follows:-
1- 7700-7717
2- 7773-7791
3- 7811-7835
As whole day good consolidation therefore high possibility of rally continuation after correction completion but confirmations is firstly required tomorrow through sustaining above 7650. Multiple resistances above 7700 therefore fresh consolidation is also required for fresh rally after new life time high formation.
As RBI Credit policy tomorrow therefore sideways market is expected up to its announcement at 11:00 AM and follow up consolidation as well as any positive signal from policy may result fast strong rally because above mentioned resistances are not much strong.
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1- Consolidation between 7623-7643
2- Bullish Flag formations in 3 hour
3- Up moves with intraday correction
4- Whole day actual trading between 7623-7694
Conclusions from intra day chart analysis
Following line was told on 01-08-2014 in Mid-session Outlook-2:-
sustaining beyond next supports range(7600-7650) should be watched for next big trend confirmations
Following lines were told today at 10:43 AM in Mid-session Outlook(04-08-2014):-
1- consolidation also seen at lower levels
2- emergence of correction completion possibility
3- next decisive big moves confirmation will be sustaining beyond 7600-7650.
Correction completion possibility was told at 10:43 AM and up moves started at 02:30 PM as well as closing near the highest of the day after gaining 81 points.
Long and Intermediate term trends are up and Short Termk trend is sideways between 7423-7840 for rhe last 41 sessions. Next supports are between 7600-7650 and next resistances are as follows:-
1- 7700-7717
2- 7773-7791
3- 7811-7835
As whole day good consolidation therefore high possibility of rally continuation after correction completion but confirmations is firstly required tomorrow through sustaining above 7650. Multiple resistances above 7700 therefore fresh consolidation is also required for fresh rally after new life time high formation.
As RBI Credit policy tomorrow therefore sideways market is expected up to its announcement at 11:00 AM and follow up consolidation as well as any positive signal from policy may result fast strong rally because above mentioned resistances are not much strong.
Finally fresh rally after new life time high formation is expected in the coming sessions..