Technical Analysis and Market Outlook(26-12-2014)
Nifty-Intra Day Chart (24-Dec-2014):-
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1- Selling between 8253-8286
2- Follow up selling between 8218-8256
3- Whole day actual trading between 8155-8286
Conclusions from intra day chart analysis
Following lines were told yesterday in Technical Analysis and Market Outlook(24-12-2014):-
As last 3 hours trading between 8252-8294 with mixed Patterns formations therefore Nifty will firstly prepare for next moves within and near about this range
As was told 100% same happened and Nifty firstly traded more than 2 hours as well as prepare for next decisive moves within mentioned range between 8253-8286 today.
Following lines were also told yesterday in Technical Analysis and Market Outlook(24-12-2014):-
1- Next supports(weaker) are between 8229-8251
2- once sustaining below 8229 will mean sharp fall.
We clearly told weaker supports and this support broken down forcefully after almost 3 hours follow up selling between 8218-8256.
Although Nifty closed near the top of the day on 22-12-2014 but we were not Bullish and told following conclusive lines in Technical Analysis and Market Outlook(23-12-2014):-
1- It should be kept in mind that Wave'B' is on and it should terminate below the top of Wave-5(8626.95)
2- Whenever intraday selling patterns will develop then that will be first signal of Wave'B' completion and Wave'C' beginning for fresh down moves below the lowest of Wave'A'(7961.35)
Wave'C' is on after good selling in last 2 sessions and same view which was told on 21-12-2014 in Correction Continuation Possibility below 7961.35
high possibility of down moves below 7961.35
Wave'B' terminated at 8364 and Wave'C' is continued. Wave'A' corrected 666 points and Wave'C' may also retrace 666 points therefore possibility of correction towards 7698(8364-666) can not be ruled out. Correction is on,Intermediate Term and Short Term Trends are down and testing of Long Term Trend decider 200-Day EMA(7637) is also possible because it is little below 7698.
Finally correction is very much on and its continuation is expected in the coming sessions.Until complete consolidation will not happen on EOD charts till then correction completion will not be considered.