ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Technical Analysis and Market Outlook(22-10-2014)
Nifty-Intra Day Chart (21-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7875-7900
2- Consolidation between 7906-7919
3- Whole day actual trading between 7875-7936
As lower levels good consolidations yesterday and today all the Global markets re blasting therefore rally continuation after gap up opening today but when Indian markets were crashing in previous week then we told again and again for confirmation requirement of deeper correction and told following lines on 19-10-2014 in Technical Analysis and Market Outlook(20-10-2014):-
 |
| Just click on chart for its enlarged view |
1- Consolidation between 7875-7900
2- Consolidation between 7906-7919
3- Whole day actual trading between 7875-7936
Conclusions from intra day chart analysis
As lower levels good consolidations yesterday and today all the Global markets re blasting therefore rally continuation after gap up opening today but when Indian markets were crashing in previous week then we told again and again for confirmation requirement of deeper correction and told following lines on 19-10-2014 in Technical Analysis and Market Outlook(20-10-2014):-
As Bullish Flag formation seen in last 25 sessions correction therefore deeper correction is not expected and once confirmation of sustaining above 7796/7724 will be a strong indication of fresh strong rally above all time high.
Technical Analysis and Market Outlook(21-10-2014)
Nifty-Intra Day Chart (20-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 7894-7905
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7857-7905
Although sharp down moves in previous week and crucial supports were also broken down but we told again and again for the requirement of broken down confirmation in all the Outlooks of previous week. As consolidation patterns were seen last Friday therefore strong rally possibility was also told yesterday and Nifty closed 1.28% up today.
Although firstly selling after huge gap up opening today but down moves in Bullish Falling Channel formation also seen therefore today started rally continuation hopes are alive because following multiple Supports below today lowest:-
1- 7816-7846
2- 7796-7827
3- 7724-7764
As following resistances are also lying at higher levels therefore follow up consolidation is must for rally continuation:-
1- 7900-7937
2- 7955-7972
3- 8012-8030
Last 14 sessions sideways trading between 7724-8030 with above above supports/resistances therefore Nifty will trade and prepare for next decisive moves within this range in the coming sessions. Sustaining below 7724 will be deeper correction confirmation and sustaining above 8030 will be strong indication of fresh rally after correction completion.
 |
| Just click on chart for its enlarged view |
1- Selling between 7894-7905
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7857-7905
Conclusions from intra day chart analysis
Although sharp down moves in previous week and crucial supports were also broken down but we told again and again for the requirement of broken down confirmation in all the Outlooks of previous week. As consolidation patterns were seen last Friday therefore strong rally possibility was also told yesterday and Nifty closed 1.28% up today.
Although firstly selling after huge gap up opening today but down moves in Bullish Falling Channel formation also seen therefore today started rally continuation hopes are alive because following multiple Supports below today lowest:-
1- 7816-7846
2- 7796-7827
3- 7724-7764
As following resistances are also lying at higher levels therefore follow up consolidation is must for rally continuation:-
1- 7900-7937
2- 7955-7972
3- 8012-8030
Last 14 sessions sideways trading between 7724-8030 with above above supports/resistances therefore Nifty will trade and prepare for next decisive moves within this range in the coming sessions. Sustaining below 7724 will be deeper correction confirmation and sustaining above 8030 will be strong indication of fresh rally after correction completion.
As Bullish Flag formation in last 26 sessions correction on EOD charts and lower levels supports were also seen in previous sessions therefore deeper correction is not expected and strong indication of fresh strong rally above all time high after consolidation/supports confirmations above 7724.
Technical Analysis and Market Outlook(20-10-2014)
Nifty-Intra Day Chart (17-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channel
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 7724-7819
Conclusions from intra day chart analysis
Although recovery from lower levels after consolidation patterns formations but selling patterns also seen at higher levels therefore mixed patterns formations and follow up trading positions will decide next decisive moves and should be firstly watched in next week for next decisive moves.
13 Sessions range(7796-8030) broken down forcefully on 16-10-2014 but sustaining below 7796 is must for deeper correction confirmation towards 200 Day EMA(today at 7253) but consolidation seen above 7724 therefore sustaining below 7796/7724 should be firstly watched in next week for deeper correction confirmation or its completion.
 |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 7724-7819
Conclusions from intra day chart analysis
Although recovery from lower levels after consolidation patterns formations but selling patterns also seen at higher levels therefore mixed patterns formations and follow up trading positions will decide next decisive moves and should be firstly watched in next week for next decisive moves.
13 Sessions range(7796-8030) broken down forcefully on 16-10-2014 but sustaining below 7796 is must for deeper correction confirmation towards 200 Day EMA(today at 7253) but consolidation seen above 7724 therefore sustaining below 7796/7724 should be firstly watched in next week for deeper correction confirmation or its completion.
As Bullish Flag formation seen in last 25 sessions correction therefore deeper correction is not expected and once confirmation of sustaining above 7796/7724 will be a strong indication of fresh strong rally above all time high.
Subscribe to:
Posts (Atom)