Correction Continuation after Follow up Good Selling
Technical Analysis and Market Outlook
(01-04-2015)
Nifty-Intra Day Chart (31-Mar-2015):- |
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1- More than 4 hours selling between 8521-8550(Immediate Resistance)
2- 90 Points sharp fall in 20 minutes
3- Whole day actual trading between 8454-8550
Conclusions from intra day chart analysis
Following conclusive lines were told on 30-03-2015 in 8521-8627 is next trend decider:-
1- Expected that Nifty will trade between above mentioned range(8521-8627) and will prepare for next decisive moves
2- As this range is next trend decider therefore firstly sustaining it beyond should be watched for next trend confirmations in the coming sessions
Following conclusive line was told on 28-03-2015 in 8521-8627 Will decide the fate of expected Pull Back rally:-
Pull Back rally is expected in the beginning of next week and finally sustaining beyond 8521-8627 will decide its length and fate.
As was told in the Outlooks of last 2 sessions 100% same happened:-
1- Strong Pull Back Rally was seen and Nifty closed 150 points up on 30-03-2015.
2- Nifty traded between above mentioned range(8521-8627) today and traded between 8521-8550.
Firstly more than 4 hours selling between 8521-8550 and after that sharp 90 Points fall in 20 minutes today therefore breaking down confirmation of 8521-8627. Correction is on and its continuation confirmation today after follow up selling between 8521-8550 and until Nifty will not sustain above it after follow up consolidation till then next up moves will not be considered.
Although flat closing today but follow up good selling between 8521-8627 today therefore correction continuation is expected in the coming sessions.