Do u think Nifty Gains before consolidation would replicate on the upside.??

Would CNX NIFTY would replicate the gains it made, before the consolidation.

OR

It is going to shed some gains or might consolidate before moving higher.

Let see the first Probability:

NIFTY HOURLY CHART

• In the August series CNX nifty rallied from the level of 7540 to 7968 and gained about 5.65 % ( approx 425 points).

• From the level of 7986 nifty slipped and saw a retrace-ment about 23.6 % of its previous rally from 7540-7968 and before continuing higher.

• Nifty faced minor resistance at previous high made at 7968, and slipped a bit.

• In the September series a Gap-up opening is seen , which broke the previous resistance established at 7968, where nifty halted twice.

• Since then Nifty is in uptrend from past 5 sessions and after breakout making new highs everyday, and those who have bought at CNX NIFTY at breakout might be sitting at gains.

On the Flipside

Nifty Hourly Chart

• Following Gap-Up Opening , CNX Nifty is making new highs from the Past 3 sessions and this way rallied about 157 points in the past three sessions.

• In today's session CNX Nifty took resistance at 8139 which is the 261.8% extension of its previous correction from 7968 to 7862.

• In last hour of trading a sudden sell -off is seen , where nifty lost its entire day's gain , but managed to recover and closed with a gain of 0.39% over yesterday's closing.

• At today's closing, a hanging man Pattern is visible on the hourly chart near the resistance level of 8139.

• It Might Consolidate at these levels before continuing higher.