Pull Back rally Possibility within Sideways market
Technical Analysis and Market Outlook
(03-02-2015)
Nifty-Intra Day Chart (02-Feb-2015):- |
| Just click on chart for its enlarged view |
1- Consolidation Patterns between 8752-8770
2- Consolidation Patterns between 8776-8802
3- Whole day actual trading between 8752-8840
Conclusions from intra day chart analysis
Although Red closing after most time negative zone trading but lower levels good consolidation therefore Pull Back Rally will be seen tomorrow. As following resistances therefore firstly consolidation is required for next rally above 9000:-
1- Resistance between 8820-8852
2- Resistance between 8918-8936
As lower levels supports and higher levels resistances between 8695-8996 therefore Nifty will be understood sideways within this range and Nifty will firstly trade and prepare for next trend within this range. All trends are up but Oscillators are overbought therefore correction is very much due which was seen last Friday and 8695 will decide depth of correction. Follow up moves with sustaining beyond 8695-8996 will be next trend confirmations and should be firstly watched for next trend confirmations .