This topic was deleted by mistake and being reproduced
Following lines were told yesterday in Technical Analysis and Market Outlook(06-02-2014)
Bearish Rising Wedge formation also seen in last 3 hours therefore some more consolidation and sustaining above 6001 is must
As Bearish Rising Wedge formation yesterday therefore Nifty could not sustain above it and fast slipped within its range in 1/2 minutes after the start of down moves today.
Following lines were told in previous Outlook and should be kept in mind:-
1- more consolidation and sustaining above 6001 is must for the confirmation of Long Term trend remaining up
2- Rally continuation hopes above 6000 are still alive and until Nifty will not sustain below 5934 till then next decisive down moves will not be considered.
3- Sustaining above 200-Day EMA(today at 6001) will be strong indication of on going correction completion and firstly should be watched in the coming sessions for next decisive trend
4- Following supports seen below it in last 2 sessions which are the hopes of Bulls:-
a- Consolidation and supports between 5934-5954 on 04-02-2014
b- Consolidation and supports between 5963-5975 on 05-02-2014