Very Short Term Down Moves Possibility
Technical Analysis and Market Outlook(09-04-2015)
Nifty-Intra Day Chart (8-Apr-2015):- |
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1- Selling between 8700-8716 in first hour.
2- Mixed Patterns between 8700-8730 in last 4 hours
3- Whole day actual trading between 8680-8730
Conclusions from intra day chart analysis
Firstly selling and after that Mixed Patterns formations in last 4 hours therefore an indication of some down moves. Next resistances are 8738-8825 and selling seen just below it today. As more selling is required for decisive therefore follow up selling tomorrow will mean correction of last 7 sessions rally between 8269-8730.
As some selling today therefore very Short Term down moves possibility with slipping below today lowest(8680) can not be ruled out but sustaining below it is must after complete follow up selling for correction beginning.
As some selling today therefore very Short Term down moves possibility with slipping below today lowest(8680) can not be ruled out but sustaining below it is must after complete follow up selling for correction beginning.