Cautious View after Mixed Patterns Formations
Technical Analysis and Market Outlook
(19-02-2015)
Nifty-Intra Day Chart (18-Feb-2015):- |
| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel
2- 3 Hours Down moves in Bullish Falling Channel
3- Selling between 8850-8861
4- Selling between 8883-8894
5- Whole day actual trading between 8809-8894
Conclusions from intra day chart analysis
Following conclusive line was updated today at 12;59 PM in Mid-session Outlook(18-02-2015):-
"It will be safer that valid break out of 8820-8870 should be firstly watched now for next trend confirmations."
Nifty moved above 8870 but could not sustain and closed just below it at 8869.10 after higher levels selling today.
1- Good selling between 8840-8870 on 16-02-2015
2- Both consolidation and selling patterns formations between 8809-8894 on 18-02-2015
Following resistances were updated in previous Outlooks;-
1- Resistances between 8820-8852
2- Resistances between 8918-8936
Above mentioned 1st resistances are between 8820-8852 and selling patterns formations were seen between 8840-8894 in last 2 sessions but consolidation patterns formations were also seen today therefore mixed patterns formations will be understood in last 2 sessions. It means that technically Nifty is not prepared for any side decisive moves and will have to trade and firstly prepare within or near about 8840-8894.
Although Green closing after whole day positive zone trading today but sufficient selling patterns were also seen in last 2 sessions therefore view is cautious because sometimes sharp falls are seen after such markets and complete consolidation is required for decisive up moves above today highest. Let one sided clear technical positions formations develop and Nifty to sustain beyond 8840-8894 then one sided moves will be seen.