Pull Back Rally continuation but after Consolidation
Technical Analysis and Market Outlook
(13-02-2015)
Nifty-Intra Day Chart (12-Feb-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8662-8670
2- Consolidations between 8600-8615
1- Up moves in Bearish Rising Channel
3- Whole day actual trading between 8599-8732
Conclusions from intra day chart analysis
Following conclusive line was told yesterday in "line Confirmation is must through sustaining beyond 8565-8651":-
fresh rally after correction completion possibility is also turning high
As was told yesterday 100% same happened and Nifty closed 84.15 points up today after 133 points rally from lower levels
Although firstly 10 minutes selling between 8662-8670 after 49 points gap up opening but negative zone trading was also seen after first 2 hours down moves therefore sentiment dampened completely which was must for fresh consolidations. As Mixed trading patterns between 8565-8651 in last 3 sessions therefore consolidation was firstly required for decisive up moves and it was seen also between 8600-8615,resultant more than 100 points rally in last 2 hours today.
Although strong rally today with closing near the higher levels of the day but Up moves were in Bearish Rising Channel also and following resistances are also lying at higher levels therefore follow up consolidation is firstly required for decisive up moves above today highest and correction completion confirmations:-
1- Resistance between 8820-8852
2- Resistance between 8918-8936
Emergence of correction completion possibility after strong recovery from lower levels but confirmation will be after sustaining above 8936. As last 3 sessions trading range(8565-8651) broken out forcefully therefore today started Pull Back Rally continuation is expected but firstly consolidation is must because Up moves were in Bearish Rising Channel.