Fresh Rally towards Life Time high after Correction Completion Today
Technical Analysis and Market Outlook
(27-02-2015)
Nifty-Intra Day Chart (26-Feb-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8733-8758
2- Consolidation and supports between 8684-8694
3- Whole day actual trading between 8684-8758
Conclusions from intra day chart analysis
Although sharp down moves started after 12:30 PM but when Nifty was trading near the higher levels of the day then we understood that selling is going on and updated following lines:-
1- At 10:59 AM in Post-open Outlook(26-02-2015):- Intrady charts are showing selling patterns today before railway Budget
2- At 11:16 AM in Mid-session Outlook(25-02-2015):-
a-Intrady charts of first 2 hours are showing selling patterns
b-lower levels good supports above 8727 in previous sessions therefore firstly sustaining beyond 8727 should be watched today and volatility may be high also.
Confirm selling between 8733-8758 today therefore consolidation is firstly required for sustaining above 8758 and first 1/2 hours intraday charts of tomorrow will be firstly watched for the confirmation of follow up consolidation development. As lower levels supports with consolidation were also seen in last 2 hours today therefore emergence of first signal of some up moves but following resistances are lying at higher levels therefore complete follow up consolidation is also required for fresh decisive up moves after new life time high formations:-
1- 8733-8758
2- 8808-8820
3- 8845-8869
4- 8880-8894
5- 8918-8936
As lower levels consolidations today therefore Pull Back rally is firstly expected in the coming sessions. As per our view no question mark on Modi Budget-2015(specially I am telling Modi Budget) and all that will be done which is required for the growth of Indian economy and Corporate sector therefore undoubtedly fresh rally will be seen after Budget despite whatsoever volatility in the coming 1/2 sessions.
Although today closing near the lowest of the day after sharp down moves but expected that Nifty will not slip below today lowest(8669.45) and fresh rally towards life time high will be seen from tomorrow after completion of correction today.