Firstly Down Moves within Sideways Range Bound Market
Technical Analysis and Market Outlook
(18-02-2015)
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1- Selling between 8840-8870
2- Whole day actual trading between 8793-8870
Conclusions from intra day chart analysis
Following resistances were updated on 13-02-2015 in "9401.50 is Maximum Target of on Going Wave-5 of Nifty":-
1- Resistances between 8820-8852
2- Resistances between 8918-8936
As Nifty traded almost whole day within above mentioned 1st resistance range today with selling patterns formations and this resistance range has been strengthened therefore expected that Nifty will firstly slip towards following supports:-
1- Supports between 8736-8751
2- Supports between 8595-8615
3- Supports between 8554-8574
4- Supports between 8475-8505
As last 5 sessions trading between 8470-8870 with lower levels supports and higher level selling therefore Nifty is not prepared for any side decisive moves beyond this range and will remain sideways within this range as well as firstly prepare for next trend within this range.
Although Nifty closed positive but genuine selling at higher levels today therefore Nifty has to consolidate for fresh up moves above today highest and until that will not happen till then next up moves above today highest will not be considered. All trends are up and Indian markets are most Bullish therefore expected that finally up moves above today highest(8870) despite firstly down moves possibilities in the coming sessions.