Finally 8187 will decide next Big Moves of Nifty
Technical Analysis and Market Outlook
(29-04-2015)
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1- Selling patterns formation between 8232-8264
2- Selling patterns formation between 8213-8225
3- Selling patterns formation between 8280-8307
4- Whole day actual trading between 8185-8307
Conclusions from intra day chart analysis
Although Nifty closing near the lower levels of the day yesterday but we were not Bearish and told following conclusive line yesterday in "Pull Back Rally Expectations":-
expected that Pull Back Rally will be seen tomorrow
As was told 100% same happened and Nifty closed 71 points up today.
Although strong recovery from lower levels today and closing also above immediate resistance range(8265-8275) but good selling patterns formations were also seen today therefore view is cautious because some resistances are lying above today highest between 8321-8460.
As complete consolidation is required now for sustaining and decisive up moves above 8275 therefore follow up intraday patterns formations and sustaining beyond today trading range(8185-8307) should be firstly watched in the coming couple of sessions for correction continuation / today started Pull Back Rally continuation because Long Term Trend decider 200 Day EMA(today at 8187) is tested today and finally sustaining it beyond will also decide next big moves.