Firstly Consolidation and after that Fresh Rally above 9000
Technical Analysis and Market Outlook
(03-03-2015)
Nifty-Intra Day Chart (02-Mar-2015):- |
| Just click on chart for its enlarged view |
1- Mixed Patterns between 8924-8972
2- Down moves in Bullish Falling Channel
3- Consolidation Patterns between 8885-8922
4- Up moves with intraday corrections
5- Nifty hovered around whole day 8936
6- Whole day actual trading between 8885-8972
Conclusions from intra day chart analysis
Following conclusive line was told on 28-02-2015 in Strong Rally after 'Pennant Pattern' break out confirmation through sustaining above last Resistance:-
follow up consolidation with sustaining above last resistance(8936) is must because that will be 'Pennant Pattern' break out confirmation also.
Nifty hovered around 8936 whole day and finally closed above it after lower levels good consolidation and following consolidation patterns were also seen today:-
1- Down moves in Bullish Falling Channel
2- Up moves with intraday corrections
Although Mixed Patterns formations in first hour but after that lower levels consolidation with sufficient intraday corrections were also seen and as such selling was not seen today therefore it seems that Indian markets are under consolidation process. As extremely high expectations from Budget and sentiment was most heated therefore complete consolidation is must before fresh rally and market will take some more time for it.
Expected that firstly Nifty will consolidate and prepare for next up moves between 8780-8970 in the coming sessions and finally fresh rally will be seen in unchartered territory above 9000.