8727-8795 will decide next Short Term Trend
Technical Analysis and Market Outlook
(10-03-2015)
Nifty-Intra Day Chart (09-Mar-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8802-8845(Immediate Resistances)
2- Consolidation between 8757-8795
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 8741-8845
Conclusions from intra day chart analysis
As following negative news flow and sentiment turned completely depressed today morning therefore Nifty slipped more than 100 points within first 3 minutes after weak opening:-
1- Dow's 278 points negative closing last Friday.
2- All the Asian markets were in Red today morning.
3- Emergence of rates hike risk in USA.
4- Union Govt agrees to dilute and amend key legistaions in Land Acquisiton Bill.
5- Trouble for BJP and Modi Govt after the release of Masrat Alam and now J&K CM is trying to ensure the release of Ashiq Hussain Faktoo also.
Almost 4 hours sideways trading between 8802-8845 with selling patterns and slipping below 8802 but lower levels consolidation with "Down moves in Bullish Falling Channel" were also seen in last hours therefore emergence of first signal of Pull Back Rally. As selling was also seen today therefore firstly sustaining above 8845 should be watched for next decisive up moves confirmations.
As consolidations patterns formations in last 2 hours and if finally Nifty sustains above 8727 in the coming 1/2 sessions after follow up consolidations then decisive up moves will be seen towards following resistances:-
1- 8925-8950
2- 9023-9096
Short Term trend turned down after almost double century Nifty fall today but emergence of Pull Back Rally expectations after lower levels consolidation patterns formations in last 2 hours therefore firstly sustaining beyond 8727-8795 should be watched in the coming couple of sessions for next Short Term Trend confirmations.