Technical Analysis and Market Outlook(31-12-2014)
Nifty-Intra Day Chart (30-Dec-2014):-
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1- Consolidation and supports between 8221-8237
2- Whole day actual trading between 8221-8268
Conclusions from intra day chart analysis
Following line was told today at 10:17 AM in Mid-session Outlook(30-12-2014)
sustaining beyond 8218-8286 should be watched for next decisive move confirmations.
Nifty traded between 8220.55-8268.25 with lower levels consolidations today but higher levels selling was seen within following ranges on:-
1- 29-12-2014 between 8260-8279
2- 24-12-2014 between 8218-8286
Although selling above 8218 on 24-12-2014 but not slipping below it today despite most depressed Asian markets because Union Cabinet approved amendment to Land Acquisiton Act after Indian Stock Market closing yesterday. As consolidation and supports above 8218 between 8221-8237 today therefore firstly sustaining below 8221 should be watched for next down moves confirmations.
Although Nifty closed near the higher levels of today but lower levels supports between 8221-8237 are not strong and until Nifty will not sustain above 8286 till then decisive up moves will not be considered. It must be kept in mind that failure to cross or sustain above 8286 and fresh selling below or near about 8286 will mean high possibility of fresh sharp down moves below 8218.
As strong indications of corrective Wave'C' continuation towards and below 7961.35 after Wave'B' termination at 8364 on 23-12-2014 therefore expected that Nifty will not sustain above 8286 and fresh down moves will be seen below 8218 after fresh selling below or near about 8286 within next 2/3 days.