Pull Back Rally Expectations
Technical Analysis and Market Outlook
(12-03-2015)
Nifty-Intra Day Chart (11-Mar-2015):- |
| Just click on chart for its enlarged view |
1- Whole day volatility with Down moves in Bullish Falling Channel
2- Intraday corrections
3- Whole day actual trading between 8682-8755
Conclusions from intra day chart analysis
Although whole day high volatility but following consolidation patterns were seen today:-
1- Down moves were in Bullish Falling Channel
2- Sufficient intraday corrections were also seen
Following lines were told yesterday in "8669.45 will decide Waves structure of Nifty" ;-
Firstly slipping below the lowest of Sub Wave-2(8669.45) should be watched tomorrow and if it happens then waves structure of Nifty will be at stake as well as waves will be firstly recounted.
As Nifty could not slipped below 8669.45 and today lowest is at 8,699.95 as well as whole day consolidation patterns were seen in volatile market today therefore expected that Pull Back Rally will be seen in the coming sessions despite today closing near the lowest of the day.