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Next Big Moves require Some More Technical Positions Formations
Technical Analysis and Market Outlook
(04-02-2015)
Nifty-Intra Day Chart (03-Feb-2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- Consolidation between 8727-8758(Immediate Supports)
2- Consolidation Pattern of all Down moves in Bullish Falling Channels
3- Whole day actual trading between 8727-8837

Conclusions from intra day chart analysis 

Following line with resistances were updated yesterday in "Pull Back rally Possibility within Sideways market":-

As following resistances therefore firstly consolidation is required for next rally above 9000:-

1- Resistance between 8820-8852
2- Resistance between 8918-8936

Although strong opening but above resistances therefore Nifty could not cross 1st resistance and slipped after highest formation at 8,837.30 and closing near the lower levels of the day. Following supports were updated on 30-01-2015 in "8695 Will decide Depth of Correction 8695 Will decide Depth of Correction":-

1- Supports between 8727-8755
2- Supports between 8695-8720

Although sharp down after RBI Credit policy but Nifty got support exactly at above 1st support after lowest formation at 8726.65.

As lower levels buying with consolidation Pattern of all Down moves with Bullish Falling Channel formations therefore emergence of first correction completion signal but follow up consolidation is must because above resistances are lying at higher levels.

Long and Intermediate Term Trends are up and Short Term Trend is down and Nifty is sideways between  8695-8996. As higher levels resistances and lower levels supports within this range therefore Indian markets are not prepared for any side decisive moves. Follow up moves for technical positions formations and finally sustaining beyond 8695-8996 will decide following next big moves:-

1- Sustaining below 8695 after follow up selling will mean sharp Correction after Intermediate Term Trend turning down confirmations.
2- Sustaining above 8996 after follow up consolidation will mean fresh up moves above 9000 after all Trends turning up confirmations.

No gossiping never guessing and whatsoever market suggest only that is always updated. Let market prepare for next trend and decisive moves then will be updated from intraday charts patterns formations in the same manner as being down for the last more than 4 years.