Just Watch 6141-6270 for next trend confirmations
Technical Analysis and Market Outlook
(19-12-2013)
Nifty-Intra Day Chart (18-Dec-2013):-(19-12-2013)
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1- Consolidation between 6144-7177.
2- Sharp up after RBI Credit Policy.
3- Last 4 hours trading between 6198-6230 with lower levels supports and higher levels selling patterns formations.
4- Whole day actual trading between 6144-6230
Conclusions from intra day chart analysis
Long and Intermediate Term Trends are up and Short Term turned down after correction beginning from 6415.25 on 09-12-2013. Nifty got support near about most crucial and strong support range(6141-6156) in last 2 sessions and strong recovery seen today after RBI Credit Policy but last 4 hours trading between 6198-6230 with mixed patterns also seen today therefore valid break out of mentioned range should be firstly watched tomorrow for following next immediate moves confirmations:-
1- Above 6230 will mean next up moves up to next resistance(6258-6270) and sustaining above 6270 will be fresh rally confirmation after sustaining above 6270. Although today closing at the highest of the day but view will be Bullish after sustaining above 6270 despite whatsoever QE-3 tapering decision by FOMC tonight.
2- Below 6198 will mean down moves towards next strong support range(6141-6156) and deeper correction confirmation will be after sustaining below 6141.
Finally sustaining beyond 6141-6270 should be watched for next trend confirmations in the coming sessions after RBI Credit policy today and expected QE-3 tapering decision by FOMC tonight.