Technical Analysis and Market Outlook
(19-03-2013)
Nifty-Intra Day Chart (18-Mar-2013):-(19-03-2013)
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1- Down moves in Bullish Falling Channel.
2- Lower levels supports and consolidation patterns between 5815-5829
3- Selling between 5831-5850
3- Whole day actual trading between 5815-5850
Conclusions from intra day chart analysis
As lower levels good supports and consolidation patterns formations yesterday therefore Bounce back possibility was told yesterday and being repeated today. As correction is on and only 4/5 hours consolidation is not sufficient therefore more follow up consolidation is required for decisive up moves because good selling and multiple resistances at higher levels upto 5970.
As good selling at higher levels in previous sessions and equally required consolidation has not seen yet therefore only bounce may be seen but immediate big rally can not be expected after whatsoever good announcements by RBI and,on the other hand any disappointment will mean sharp fall also therefore strict stop losses should be kept in the systems because sudden sharp intraday moves can not be ruled out after Credit Policy today.
Minor selling was also seen at higher levels yesterday therefore mixed intraday patterns formations and firstly trading is expected within yesterday trading range. As intraday volatility is also expected after RBI Credit Policy announcement today therefore finally sustaining beyond yesterday trading range(5815-5850) should be watched for the confirmation of market reaction on RBI Credit Policy and next decisive big moves.