Minimum target of Nifty at 8616.90
Technical Analysis and Market Outlook
(25-11-2014)
Nifty-Intra Day Chart (24-Nov-2014):- |
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1- Consolidation between 8490-8510
2- Slow Up Moves
3- Whole day actual trading between 8490-8534
Conclusions from intra day chart analysis
Not only today but we told also following line on 12-05-2014 in Minimum target of Nifty at 8616.90
Nifty is well set for rally towards minimum target at 8616.90.
As was told 6 months before same has been almost happened and after highest formations at 8534.65 yesterday.
Following line was told on 23-11-2014 in Technical Analysis and Market Outlook(24-11-2014)
finally rally continuation above 8500 is expected in the coming session.
As was told same happened and Nifty traded as well as closed above 8500 yesterday.
Firstly more than 3 hours lower levels good consolidation and supports yesterday but after that slow up moves were seen which is a selling signal therefore follow up consolidation is required for decisive up moves above yesterday highest. As good supports between 8490-8510 yesterday therefore until Nifty will not sustain below it till then any decisive down moves will not be considered. Expected that rally will remain continued above yesterday highest after follow up consolidations in the coming sessions.