Correction continuation with Technical Bounce back Possibility
Technical Analysis and Market Outlook
(21-04-2015)Nifty-Intra Day Chart (20-Apr-2015):-
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1- Sharp fall immediately after opening
2- 4 Hours Selling patterns formation between 8522-8564
3- 100 Points down moves after 4 hours selling
3- Whole day actual trading between 8422-8619
Conclusions from intra day chart analysis
Firstly 50 points slipping within first 6 minutes and after that more than 4 hours selling between 8522-8564 therefore 100 points down moves in last hours and closing near the lower levels of the day.
Correction is on and it continuation is still expected but very short term indicators have turned oversold therefore technical bounce back possibility can not be ruled out. As 8522-8564 has developed immediate resistance therefore complete consolidation is required for sustaining above 8564 and until Nifty will not sustain above 8564 till then next rally will not be considered.