Technical Analysis and Market Outlook
(23-05-2014)
Nifty-Intra Day Chart (22-May-2014):- |
| Just click on chart for its enlarged view |
1- Up moves with Bearish Rising Channel formation
2- Selling between 7293-7319
3- Down moves in Bullish Falling Channel
4- Consolidation between 7259-7274
5- Whole day actual trading between 7259-7319
Conclusions from intra day chart analysis
Sentiment turned Bullish yesterday morning because all the Global markets were strong therefore good recovery from lower levels after positive opening. As without required force up moves with Bearish Rising Channel formation therefore When Nifty was trading near the highest of the day at 7312 at 12:55 PM then we told following lines in Mid-session Outlook(22-05-2014):-
1- today up moves are without force and and showing Bearish Rising Channel formation
2- sustaining above 7287 is still required for next decisive up moves confirmations
Live Proofs of our Accurate Predictions
When Nifty was trading near higher levels of the day then we showed our doubts on further up moves and resultant Nifty slipped exactly from those levels and lost more than 50 points.
Following lines were told on 21-05-2014 in Technical Analysis and Market Outlook(22-05-2014):-
follow up moves with sustaining beyond following levels and crucial ranges will be firstly watched in the coming sessions:-
1- 7246-7287(For first indication)
2- 7194-7320(For next decisive moves)
3- 7082-7563(For next big moves)
Live Proof of our Accurate Levels
7320 was given for next decisive up moves on 21-05-2014 and Nifty retraced from 7319.55 yesterday.
Certainly sideways market and above mentioned ranges will next decisive trend confirmation therefore should be watched today and in the coming sessions.