8825 is Next Trend and Big moves Decider
Technical Analysis and Market Outlook
(10-04-2015)
Nifty-Intra Day Chart (09-Apr-2015):- |
| Just click on chart for its enlarged view |
1- Consolidation between 8683-8714
2- Consolidation between 8702-8728
3- Selling between 8740-8763
4- Up moves in Bearish Rising Channel
5- Whole day actual trading between 8683-8785
Conclusions from intra day chart analysis
Following line was told yesterday in "Very Short Term Down Moves Possibility":-
As some selling today therefore very Short Term down moves possibility with slipping below today lowest(8680)
Following lines were told today at 07:50:00 AM in "Pre-open Outlook(09-04-2015)":-
1- India’s Rating Outlook Raised by Moody’s on Economic Prospects
2- As most positive news today morning therefore gap up opening will be seen in Indian markets
3- Markets are tend to consolidate at higher levels after such strong news
As selling yesterday therefore Very Short Term down moves possibility was told and it was seen immediately after opening and Nifty slipped 73 points in first hour but from higher level because most positive news and Nifty got supports at 8682.45 which was just above yesterday lowest(8680)
Although good supports at lower levels today but selling patterns formations were also seen at higher levels today therefore some more consolidation like today is firstly required for next decisive up moves.
Following resistances were updated in Outlooks of previous sessions:-
1- 8738-8788(strong)
2- 8805-8825(weak)
3- 8920-8943(weak)
4- 9023-9096(strong)
1st resistance has been almost cleared today but some selling patterns were also seen and next resistances are little above today highest therefore follow up consolidation is must. Once forceful break out / sustaining above 8825 will mean possibility of fast 100 points rally and emergence of correction completion hopes also after Intermediate Term Trend turning up confirmations.
Certainly 8825 is next trend decider and sustaining beyond it should be firstly watched now for next Big moves confirmations.