Correction continuation and no Confirmation of its Completion yet
Technical Analysis and Market Outlook
(09-01-2015)
Nifty-Intra Day Chart (08-Jan-2015):-
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1- Consolidation between 8169-8205(recent supports)
2- Whole day actual trading between 8169-8243
Conclusions from intra day chart analysis
As Dow's Futures was 120 points up before the opening of Indian markets and all the Asian markets were trading with good gains therefore huge gap up and 89 points positive opening today. Firstly more than 4 hours consolidation and closing of today near the higher levels of the day therefore signals of today started Pull Back Rally continuation.
As US markets are trading more than 1.70% up at this moment after European markets strong(2.26% to 3.69% up) closing therefore all the Asian markets may also remain in blasting mood tomorrow and resultant Indian markets will also remain positive after gap up opening. Although most Bullish sentiments but it should be kept in mind that Indian markets are in correction mode and Wave'C' is on for down moves below 7961 therefore expected that finally selling will develop within 1/2 sessions and downward moves will start.
More than 4 hours selling between 8194-8233 on 06-01-2015 and Nifty crossed as well as closed above it today but on the back of strong Global cues therefore firstly sustaining above 8233 should be firstly watched tomorrow. Good consolidation at lower levels today therefore complete selling is required for decisive down moves below today lowest but expected that finally down moves will restart after follow up selling in the coming sessions because correction is very much on and no confirmation of its completion yet.