Rally Continuation with Minor Corrections possibility
Technical Analysis and Market Outlook
(20-02-2015)
Nifty-Intra Day Chart (19-Feb-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8880-8901
2- Sharp down
3- Consolidation between 8795-8838
4- Sharp up in last hours
5- Whole day actual trading between 8795-8913
Conclusions from intra day chart analysis
As good selling on 16-02-2015 therefore following lines were updated for 18-02-2015 trading in "Firstly Down Moves within Sideways Range Bound Market":-
1- Nifty will firstly slip
2- finally up moves above today highest(8870) despite firstly down moves possibilities in the coming sessions.
As was told for 18-02-2015 same happened on 19-02-2015 and Finally up moves were seen after firstly down moves.
Although Nifty closed in Green after whole day positive zone trading on 18-02-2015 but even though we were not Bullish and updated following lines in "Cautious View after Mixed Patterns Formations"-
1- sufficient selling patterns were also seen in last 2 sessions
2- view is cautious because sometimes sharp falls are seen after such markets
As was projected 100% same happened on 19-02-2015 and Nifty slipped 93 points sharply from higher levels as well as traded 60 points down within first 2 hours also.
All Trends are up and Indian markets are most Bullish as well as good consolidation was seen today at lower levels therefore rally continuation is expected in the coming sessions. As very Short Term indicators are overbought and first 2 hours selling was also seen on 19-02-2015 as well as consolidation is firstly required before next decisive up moves therefore minor down moves possibility under consolidation process can not be ruled out.
Let selling patterns develop then big correction will also be updated in the same manner as being done for the last more than 4 years. It must be kept in mind that until complete selling patterns will not develop till then deeper correction will not be seen and view will remain Bullish barring minor intraday or 1/2 sessions minor corrections which may happen any day because oscillators are over bought.