Bulls Final Match Possibility with 9119.20
Technical Analysis and Market Outlook
(24-03-2015)
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1- Consolidation Patterns between 8560-8582
2- Down moves after weak opening of European markets.
3- 5 Waves of Bullish Falling Wedge formations in last hours
4- Double bottom Supports in last hour
5- Whole day actual trading between 8540-8608
Conclusions from intra day chart analysis
Although down moves after at 01:35 PM and negative closing today but following points will also be considered:-
1- Down moves after at 01:35 PM was due to weak opening of European markets.
2- As such selling patterns were not seen today.
3- 2 Hours good consolidation between 8560-8582
4- 5 Waves of "Bullish Falling Wedge formations" in last hours
5- Double bottom Supports in last hour
As above consolidation Patterns formations also seen today therefore it will be understood that Indian market has started consolidation because whole day all "Down moves in Bullish Falling Channels" were seen last Friday also.
As good consolidation patterns formations in last 2 sessions therefore it seems that Indian markets have entered into consolidation phase and follow up consolidation in the coming sessions will Mean Bulls will play Final match with 9119.20.
We clearly mean that emergence of fresh up moves signal but follow up consolidation is must for sustaining above 8640 and once sustaining above it will mean fresh up moves with emergence Sub Wave-3 formation possibility for rally above 9119.20 in the coming weeks/months.