Much Deeper correction below Most Crucial Supports
Technical Analysis and Market Outlook
(12-09-2014)
Nifty-Intra Day Chart (11-Sep-2014):-
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1- Selling between 8109-8127
2- Consolidation between 8058-8077
3- Down moves in Bullish Falling Channel in last hours
4- Whole day actual trading between 8058-8127
Conclusions from intra day chart analysis
Short Term Correction was told in all the 3 previous Outlooks yesterday and that was firstly seen today after follow up selling between 8109-8127. Following lines were told at 12:02 PM today in Mid-session Outlook(11-09-2014):-
most crucial supports are between 8052-8080 and Nifty is trading within this range for the last 1 hours,it should be strictly kept in mind that sustaining beyond this range will mean:-
1- Much deeper correction below 8052.
2- Fresh up moves after Short Term Correction completion above 8080.
Nifty traded almost 3 hours and also closed within above mentioned most crucial supports range with intraday consolidation patterns formations therefore this support range has strengthened today and until Nifty will not sustain below 8052 after follow up selling till then deeper correction will not be considered at this moment.
Last 8 sessions most time trading between 8052-8180 with higher levels selling and lower levels supports therefore Nifty will firstly trade and prepare for next trend within and near about this range in the coming sessions and confirmation though sustaining beyond this range is must for next big moves.
Confirm higher levels selling and lower levels supports today therefore firstly sustaining beyond today trading range should be firstly watched in the coming sessions for next trend first indication. As intraday charts of last more than 1 hour is showing Bullish Falling Channel after lower levels supports between 8058-8077 therefore emergence of fresh up moves signal also but sustaining above today trading highest and following resistances is must for fresh rally and new life time high formation:-
1- Resistances between 8109-8127
2- Resistances between 8110-8124
3- Resistances between 8140-8170