Key of Next Trend between
8790-8925
Technical Analysis and Market Outlook
8790-8925
Technical Analysis and Market Outlook
(28-01-2015)
Nifty-Intra Day Chart (27-Jan-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8852-8860
2- Buying between 8826-8841
3- 1 Hour Up moves in Bearish Rising Channel
4- Whole day actual trading between 8826-8925
Conclusions from intra day chart analysis
As Indian markets under performed immediately after opening therefore we told following line at 09:15 AM in Post-open Outlook(27-01-2015):-
view is cautious and firstly sustaining beyond 8790-8880 should be watched for next immediate moves confirmations.
Although closing near the highs of the day after last hour sharp rally but today intraday charts are showing Mixed Patterns formations because following both buying and selling patterns formations today:-
1- Nifty slipped into Red after more than 1 hour hour selling.
2- Almost 1 hour lower levels buying.
3- Last 1 Hour Up moves in Bearish Rising Channel
Following line was told on 24-02-2014 in 'Sustaining of Nifty above 8880 will mean Next 20 months Rally':-
As some selling was seen just below 8863 last Friday therefore follow up consolidation is firstly required and once sustaining above 8880 will mean fresh rally
As follow up selling below 8863 and and Bearish Rising Channel pattern formations above 8863 therefore sustaining above 8880 is must for fresh rally despite closing above 8880 today.
Indian markets are not prepared for any side decisive after Mixed patterns formations today and expected that Nifty will trade and firstly prepare for next decisive moves between 8790-8925 and valid break out above 8925 after follow up consolidation will mean next fresh phase of up moves. As minor selling till now therefore at present only Very Short Term correction will be considered after valid break out below 8790.