Rally continuation in Uncharted Territory after 8880 broken Out
Technical Analysis and Market Outlook
(30-01-2015)
Nifty-Intra Day Chart (Jan 27 to Jan 29,2015):- |
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1- Testing of 8880 in last 3 sessions
2- Consolidation near about 8880 in last 3 sessions.
3- Selling at higher levels on 28-01-2015
3- 3 Sessions actual trading between 8826-8985
Conclusions from 3 Sessions intra day chart analysis
Importance of 8880 was updated in following topic on 24-01-2015:-
Nifty tested 8880 all the next 3 trading sessions after the posting of above topic and consolidated near about 8880 in all the last 3 sessions as well as Nifty most time hovered around 8880 today.
Nifty-Intra Day Chart (29-Jan-2015):-
 |
| Just click on chart for its enlarged view |
1- More than 5 hours consolidation between 8862-8893(Immediate Supports)
2- Nifty most time hovered around 8880.
3- Sharp up and 8880 broken out confirmation in last hour.
4- Whole day actual trading between 8862-8966
Conclusions from intra day chart analysis
Most time hovered around 8880 and forcefully broken out in last hour after more than 5 hours consolidation and strong indication of fresh rally beginning today.
Conclusions (After Putting All Indicators Together)
Although Nifty closed near the lower levels of the day on 28-01-2015 but we were not Bearish because lower levels good consolidation patterns and supports were also seen therefore we posted following topic yesterday;-
Although Most Asian markets were in deep Red after Dow Jones closing 195 points down but in that Bearish sentiment also we were not Bearish therefore we told following lines within 1st hour today in Post-open Outlook(29-01-2015):-
1- until Nifty will not sustain below 8790 till then even Very Short Term correction will not be considered
2- good consolidation patterns formations yesterday
3- Until complete selling patterns will not develop till then decisive down moves will not be seen.
We have posted only Bullishness in all the previous Outlooks and strong rally is very much on. As next resistances are between 8947-8985 which are just above today highest therefore some more consolidation is required for next up moves but expected that finally rally will remain continued in uncharted territory because good consolidation near about 8880 in last 3 sessions and its forceful break out confirmation in last hour today.