Finally strong rally towards 9169 after Budget-2015
Technical Analysis and Market Outlook
(26-02-2015)
Nifty-Intra Day Chart (25-Feb-2015):- |
| Just click on chart for its enlarged view |
1- Almost 5 hours trading between 8805-8840 with mixed patterns formations.
2- Down moves in Bullish Falling Channel in 5 hours.
3- Minor selling patterns between 8808-8820
4- Bullish Falling Wedge formations after sharp down.
5- Consolidation patterns formations in last hour between 8752-8773
6- Whole day actual trading between 8752-8840
Conclusions from intra day chart analysis
Following lines were told for Pre-Budget Indian markets in previous Outlooks:-
1- Fresh rally will begin immediate before or after Budget
2- Almost daily told that Sentiments is boiling,heated and extremely high expectations from Budget therefore Volatility will remain high in the coming sessions.
3- Short Term Oscillators are overbought therefore its cooling down is must as well as market has prepare and form positions for post Budget big moves.
4- Panic bottoms formations will be seen
5- Told on 21-02-2015 that- Nifty will firstly trade within or near about 8793-8913 amid high volatility and may slip also below 8793 but until Nifty will not sustain below it till then View will not be Bearish because many time Supports are broken down under consolidation process.
6- Told on 24-02-2015 that- Firstly sustaining beyond 8737-8787 should be watched for next trend strong indication.
As was updated in the Outlooks of all previous 4/5 sessions 100% same happened and Indian markets traded in the same manner as was updated well in advance.
Importance of 8737-8787 was updated yesterday and Nifty closed within this range at 8767.25 today. Almost 5 hours trading above this range between 8805-8840 and this range was broken down sharply but view will not be bearish because:-
1- sentiment is heated due to extremely high expectations from Budget and sharp down was for cutting the positions of small traders today.
2- Down moves in Bullish Falling Channel(Bullish patterns) were also seen between 8805-8840 for cutting the positions of small traders today.
Long and Intermediate Term Trends are up and Short Term Trend is sideways between 8571-8996 for the last 18 sessions and Budget day will 21 sessions(after 26th and 27th Feb.) which is a Fibonacci Number. As market are tend to take decisive moves at Fibonacci numbers therefore blasting one sided moves will be seen on Budget day.
Lower levels consolidation and supports of last 3 sessions are as follows:-
1- Between 8752-8773 on 25-02-2015
2- Between 8727-8758 on 24-02-2015
3- Between 8737-8787 on 23-02-2015
As lower levels good supports above 8727 therefore Nifty will not easily sustain below it despite high volatility possibility in the coming sessions. Expected that follow up consolidation will be seen near about or between 8727-8787 and finally strong rally will be seen towards 9169 after Budget-2015.
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