Nifty is Ready for Fresh Rally Towards New all time High
Technical Analysis and Market Outlook
(06-02-2015)
Nifty-Intra Day Chart (05-Feb-2015):- |
| Just click on chart for its enlarged view |
1- Consolidation between 8738-8766
2- 154 Points Down moves in Bullish Falling Channel
3- Whole day actual trading between 8684-8838
Conclusions from intra day chart analysis
Following projections proved 100% accurate which were done yesterday in "Cautiously Bullish view with Pull Back Rally possibility":-
1- View is cautiously Bullish with Pull Back Rally possibility
2- Pull Back Rally possibility will be considered up to 8852
Following intraday moves of today proved that our above projections were 100% accurate:-
1- Nifty traded 114 up in above mentioned Pull Back Rally.
2- Today highest is at 8838.45 and Pull Back Rally possibility was considered up to 8852.
3- We were cautiously Bullish and Nifty slipped 154 points from higher levels and closed 12 points down.
Following Weekly analysis topic was posted on 30-01-2015:-
8695 Will decide Depth of Correction
Nifty tested 8695 today and closed at 8711.70 after lowest formation at 8,683.65 today and now following questions have to be answered:-
1- Will correction complete near about 8695?
2- Will deeper correction will be seen after sustaining below 8695 and Intermediate Term Trend turning down confirmation?
As per our view correction will complete near about 8695 because:-
1- More than 3 hours consolidation today.
2- 154 Points Down moves in Bullish Falling Channel which is a consolidation pattern.
3- Intraday patterns of last 3 sessions are showing good consolidation pattern and minor selling patterns.
4- Nifty traded in the range of last 3 sessions with consolidation patterns today.
As big fall of 30-01-2015 was not supported by huge selling and good selling was not seen before that day also therefore final conclusion after today consolidation is that:-
Nifty will not sustain below 8695 and correction will complete near about 8695 as well as fresh rally towards new all time high will generate from this and near about 8695.