Finally positive closing Possibility after 5th Session follow up Consolidation
Technical Analysis and Market Outlook
(26-03-2015)
Nifty-Intra Day Chart (25-Mar-2015):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Up moves in Bearish Rising Channel
3- Minor selling patterns formations
4- Whole day Down moves in Bullish Falling Channel
5- Whole day actual trading between 8516-8573
Conclusions from intra day chart analysis
Following lines were posted on 22-03-2015 in weekly analysis topic in Bulls & Bears Semi Final between 8470.50-8640 in Next Week:-
1- firstly Nifty will trade and prepare for next big moves between 8470.50-8640
2- Until Nifty will not slip below 8470.50 till then mentioned Waves structure will maintain and possibility of Sub Wave-3 formations will remain alive for fresh up moves above the top of Sub Wave-1(9119.20)
3- Semi Final between Bulls & Bears will be played between 8470.50-8640 in Next week and its break out will decide their big victory.
Following lines were told on 22-03-2015 in Bulls Final Match Possibility with 9119.20:-
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.
Following lines were told yesterday in Fresh rally possibility above 8640:-
1- consolidation patterns were also seen today and complete consolidation was seen on 20th and 23rd Mar therefore fresh up moves hopes above 8640 are alive but follow up consolidation is must in the coming 2/3 sessions
2- Emergence of fresh up moves signals after broken out of 8470.50-8640 but follow up consolidation is must for sustaining above 8640.
Although some selling patterns formations but on the other hand consolidations patterns were also seen today and Whole day Down moves in Bullish Falling Channel which is good intraday consolidation therefore it will be understood that Indian markets are under consolidation phase because sufficiently good consolidation patterns were seen in last 3 sessions also.
As US markets are in deep Red and Dow Jones is trading more than 200 points down and most European markets closed more than 1% down as well as SGX Nifty is trading 58 points down therefore if such depressed closing will be seen in US markets today then sentiment may be completely depressed tomorrow morning and all Asian markets will possibly trade in negative zone. In such dampened sentiments initial weakness in Indian markets can not be ruled out but we can not ignore last 4 sessions consolidation therefore expected that Nifty will not slip below 8470.50 and finally Indian markets will close positive after follow up 5th session consolidation.