Strong Indication of Fresh Down Moves beginning
Technical Analysis and Market Outlook
(14-01-2015)
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1- Selling between 8336-8356
2- Whole day actual trading between 8268-8356
Conclusions from intra day chart analysis
As more than 5 hours selling within 20 points range between 8336-8356 and this range broken down forcefully therefore this range will be immediate Resistance of Nifty and it is strong indication of fresh down moves beginning towards/below 7961 as well as until complete consolidation will not happen till then Nifty will not sustain above 8356.
Wave'b' of Wave'C' continuation with its recent top formation at 8356.65 on 13-01-2015 and follow up selling as well as finally sustaining below 8336 will mean Wave'b' of Wave'C' completion and Wave'c' of Wave'C' beginning for fresh down moves below 7961.
As Dow's Futures is trading more than 100 points up and most European markets are also trading more than 1% up as well as SGX Nifty is 47 points up at this moment therefore if such Bullishness maintains in Global markets tomorrow then Indian markets may open strong nad close in Green on 14-01-2015 but our view is same which has been updated above.