Sustaining beyond 8284-8504 will decide Next Trend
Technical Analysis and Market Outlook
(24-04-2015)
Nifty-Intra Day Chart (23-Apr-2015):- |
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1- Selling between 8583-8504
2- Selling between 8408-4455
3- Down moves in Bullish Falling Channel
4- Most time trading between 8361-8455
5- Whole day actual trading between 8361-8504
Conclusions from intra day chart analysis
Following lines were told on 22-04-2015 in "Pull Back Rally possibility above 8469":-
1- As mixed patterns were seen at higher levels in last 2 sessions therefore
2- firstly sustaining above the highest of last 2 sessions(8469) is must for the confirmation of Pull Back Rally
3- Mixed Patterns between 8419-8460 on 21-04-2015
4- Mixed Patterns between 8371-8449 on 22-04-2015
Pull Back Rally was seen above 8469 immediately after opening but Nifty could not sustain at higher levels and slipped fast after intraday highest formation at 8504.95.
As mixed patterns were seen between 8371-8460 in last 2 sessions and Nifty traded most time within this range between 8361-8455 today with mixed patterns formations again within this range therefore firstly Nifty has to prepare for next decisive moves within or near about 8361-8460. As buying was seen below 8361 between 8284-8318 on 22-04-2015 and selling was seen above 8460 between 8583-8504 on 23-04-2015 therefore finally sustaining beyond 8284-8504 will decide next trend.