Confirmation is must through sustaining beyond 8565-8651
Technical Analysis and Market Outlook
(12-02-2015)
Nifty-Intra Day Chart (11-Feb-2015):- |
| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel.
2- Complete intraday corrections before up moves.
3- Whole day actual trading between 8593-8651
Conclusions from intra day chart analysis
Following lines were told yesterday in "Selling amid Delhi Elections results led high volatility"
good selling in last 2 sessions and until complete consolidation will not happen as well as Nifty does not sustain above 8640 till then decisive up moves will not be considered.
Following lines were told today at 09:26 PM in "Post-open Outlook(11-02-2015)"
Selling between 8565-8640 in last 2 sessions and sustaining beyond this range will decide the fate of on going correction
As was told 100% same happened and Nifty could not sustain above 8640 as well as closed at 8627.40 today.
Nifty traded whole day between 8593-8651 with mixed patterns formations today because Up moves in Bearish Rising Channel and complete intraday corrections were also seen before up moves therefore Mixed patterns formations today and almost same following view with little change of levels:-
1- Last 3 sessions trading between 8565-8651 and once sustaining above or forceful break out of 8651 will mean a strong Pull Back rally because sufficient consolidation patterns were seen today.
2- As selling patterns were also seen today after last 2 sessions selling therefore sustaining blow after follow up selling will mean beginning of fresh deeper correction.
As steep fall was not seen after huge defeat of BJP in Delhi Assembly Elections and market got supports at the lower levels of last 3 sessions as well as Nifty traded at the higher levels of last 3 sessions range(8565-8640) today therefore fresh rally after correction completion possibility is also turning high but next trend confirmation is must through sustaining beyond 8565-8651 because mixed patterns formations within this range in last 3 sessions.