Technical Analysis and Market Outlook
(07-10-2014)
Nifty-Intra Day Chart (01-Oct-2014):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Whole day actual trading between 7936-7976
Conclusions from intra day chart analysis
Correction continuation from 08-09-2014 with recent bottom formations at 7842 on 26-09-2014 as well as last 4 sessions sideways market between 7842-8030. As good consolidation and supports at lower levels and equally good selling at higher levels also in last 4 sessions therefore very Short Term Trend will be understood sideways between 7842-8030.
Although Nifty traded most time in negative zone and also closed in Red on 01-10-2014 but whole day Bullish Falling Channel pattern formation seen therefore emergence of up moves expectations after long holidays in next week and correction completion possibility as well despite SGX Nifty traded 154 points down at 7828 on 2nd Oct 2014