Next Trend Strong Indication from 8737-8787
Technical Analysis and Market Outlook
(25-02-2015)
Nifty-Intra Day Chart (24-Feb-2015):- |
| Just click on chart for its enlarged view |
1- Most time trading between 8743-8777
2- Lower levels consolidation between 8727-8758
3- Up moves in Bearish Rising Channel
4- Whole day actual trading between 8727-8800
Conclusions from intra day chart analysis
Following line was told today at 10:29 AM in "Post-open Outlook(24-02-2015):-
1- Bullish Falling Wedge formations between 8737-8787 yesterday and first hour trading within this range today
2- Nifty is preparing within this range for next moves
3- firstly valid break out of this range should be watched for next decisive moves confirmations.
4- minor indications of consolidation within this range today also therefore emergence of first signal of fresh up moves
As minor indications of consolidation within 8737-8787 therefore firstly this range broken out above 8787 but could not sustain at higher levels and sharply moved down and could not sustain below 8787 also and moved up in last hour as well as closed between 8737-8787
We told for high volatility in all previous Outlooks and it was seen today. As technical positions reverses in such volatility therefore sustaining beyond crucial levels should also be given more importance. Bullish Falling Wedge formations between 8737-8787 yesterday and Nifty traded most time within this range between 8743-8777. As no clear trading pattern formation developed amid high volatility today therefore firstly sustaining beyond watched 8737-8787 for next trend first indication.
Following retracement levels are crucial:-
1- 0.382%- 8,743(Crucial level)(Tested but closing above it today and yesterday)
2- 0.500%1 8,691(Crucial level)
3- 0.618%- 8,639(Crucial level)
Next 2 supports as follows:-
1- Supports between 8736-8751(Tested but closing above it today and yesterday)
2- Supports between 8595-8615
Above supports and retracement levels were updated yesterday also and above mentioned 1st retracement and supports got tested as well as closing above both levels in last 2 sessions. Although selling pattern formation at higher levels today but lower levels good consolidation was also seen today therefore strong indications of supports getting above mentioned 2 levels.
Above mentioned range(8737-8787) becomes most crucial for deciding next trend because:-
1- Bullish Falling Wedge formations within it yesterday.
2- Follow up supports between it today
3- Most time trading within it today
As high expectations from Budget therefore volatility may remain high in the coming sessions and Nifty may move above or below mentioned range(8737-8787) also as happened today but valid break out of this range and finally sustaining beyond this range will be next trend strong indication and should be firstly watched otherwise ours following same view which we updated yesterday:-
Fresh Rally Immediate before or after Budget but after complete consolidation
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