Rally continuation above today highest(9119.20) despite huge fall today
Technical Analysis and Market Outlook
(05-03-2015)Nifty-Intra Day Chart (04-Mar-2015):-
|Just click on chart for its enlarged view|
1- Mixed Patterns between 9023-9096
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 8994-9096
Conclusions from intra day chart analysis
Huge gap up opening after RBI rates cut and after that almost 5 hours sideways trading with mixed Patterns formation but .82% down closing at the lower levels of the day therefore sentiment turned completely depressed which was jubilant at the opening of the day. As following patterns were also seen today therefore view will not be Bearish:-
1- One hour 160 points down moves after 02:00 PM were in Bullish Falling Channel.
2- Down moves in Bullish Falling Channel were seen in first 5 hours sideways market also.
All trends are up and today sharp down will be considered only intraday correction and rally continuation above today highest(9119.20) is still expected despite huge fall today because above mentioned consolidation patterns Were also seen and as such selling patterns were not seen today.