Delhi Elections Exit Poll Results led Deeper Correction
Technical Analysis and Market Outlook
(10-02-2015)
Nifty-Intra Day Chart (09-Feb-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8565-8605(Immediate Resistances)
3- Whole day actual trading between 8517-8605
Conclusions from intra day chart analysis
No one imagined such dismal performance of BJP in Delhi Assembly Elections as was shown in Exit Poll Results last Saturday therefore huge gap down opening in Indian Financial mrkets today in following manner:-
1- Nifty opened 75 points down
2- Sensex opened 273 points down
3- USDINR opened 30 Paisa down
Correction is on and Exit Poll Results fuelled it today as well as follow up selling seen in whole day deep Red zone trading today. As more than 5 hours selling between 8517-8605 therefore this range will be 1st resistance and next up move will be considered only after sustaining above 8605.
As BJP defaeat in Delhi elections may have far reaching policy implications therefore Indian financial markets reacted so drastically today and if anything miraculous in favour of BJP comes out after actual results tomorrow then immediate recovery may be seen otherwise correction continuation will be seen after Intermediate Term Trend turning down confirmations.
Next strong supports are lying between 8080-8300 and next crucial retracement levels are as follows:-
1-0.382%- 8601
2-0.500%- 8478
3-0.618%- 8356