Finally down after 2/3 sessions Sideways Trading
Technical Analysis and Market Outlook
(08-01-2015)
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1- Selling between 8130-8151
2- Selling between 8113-8136
3- Up moves in Bearish Rising Channel
4- Support between 8066-8092
5- Whole day actual trading between 8066-8151
Conclusions from intra day chart analysis
Although recovery from lower levels and closing near the higher levels of the day but sufficient selling patterns formations also seen at higher levels therefore correction continuation possibility remains alive. As Dow's Futures is more than 150 points up at this moment and most European markets are more than 1.20% up therefore sentiment may be strong tomorrow and some up moves may be seen in Indian markets also.
If Global markets remain strong tomorrow then Nifty will trade in Green but finally Nifty will not sustain above today highest and will remain sideways 8151-8233 with positive zone trading. Expected that Nifty will not sustain above today highest(8151) and will finally slip below today lowest(8066) in the coming 2/3 sessions.