Wave'C' is on for down moves below 7961
Technical Analysis and Market Outlook
(07-01-2015)
Nifty-Intra Day Chart (06-Jan-2015):- |
| Just click on chart for its enlarged view |
1- More than 4 hours selling between 8194-8233(Immediate Resistance)
2- Whole day actual trading between 8111-8267
Conclusions from intra day chart analysis
We posted following topic on 31-12-2014:-
Today was 4th trading session of 2015 and Nifty lost 251 points with closing at the lowest of last 12 sessions(8127.35) as well as such huge fall was seen 6 years before on 22-01-2008
Following conclusive lines were told yesterday in "8550 is most crucial level":-
1- Wave'c' of Wave'B' will complete between 8431-8550
2- Wave'C' will begin towards new lows below 7961
3- Next resistances above today highest are between 8510-8614 and 8550 is lying within it therefore Nifty will not easily cross this resistance range.
Nifty could not cross mentioned resistance range(8510-8614) and moved sharply down today after loosing 3% Nifty points.
Nifty closed near the lowest of the day today after more than 4 hours selling between 8194-8233 and until complete consolidation will not happen as well as Nifty will not sustain above 8233 till then next up moves will not be seen. As very Short Term Indicators are oversold therefore only Pull back rally may be seen any day which will not be abole to sustain above 8233. Wave'C' is on for down moves below the lowest of Wave'A'(7961) and finally that will be seen in the coming sessions.