Pull Back Rally possibility above 8469
Technical Analysis and Market Outlook
(23-04-2015)
Nifty-Intra Day Chart (Apr 21 & Apr 22,2015) |
| Just click on chart for its enlarged view |
1- Mixed Patterns between 8419-8460 on 21-04-2015
2- Slow down moves with buying indications on 21-04-2015
3- Mixed Patterns between 8371-8449 on 22-04-2015
4- Slow down moves with buying indications on 22-04-2015
5- Support between 8284-8318 on 22-04-2015
6- Strong up moves in last hours on 22-04-2015
7- Bullish Hammer Candle formation on 22-04-2015
8- 2 Sessions actual trading between 8284-8469
Conclusions from 2 Sessions intra day chart analysis
Importance of 8352.70 and 8269 was updated in following topic on 21-04-2015:-
4 Crucial levels will decide the Life of on going Correction
Although Nifty slipped below 8352.70 but recovered 144 points after getting supports just above 8269 at 8284.70 and Bullish Hammer Candle formation also on 22-04-2015 therefore market saved today from 2 most Bearish following patterns:-
1- 8 Months long Bearish Broadening Rising Channel(Closing above lower rising line of Channel at 8352.70)
2- Support and strong up moves above the Neckline(8269) of Head and Shoulders Bearish Pattern.
Although Nifty slipped 185 points from higher levels in last 2 sessions but as such selling patterns were not seen and lower levels supports with consolidation patterns were also seen in last 2 sessions therefore first indication of correction completion and Pull Back Rally beginning possibility.
As mixed patterns were seen at higher levels in last 2 sessions therefore firstly sustaining above the highest of last 2 sessions(8469) is must for the confirmation of Pull Back Rally beginning and fresh up moves towards following resistances:-
1- 8522-8564
2- 8640-8468
3- 8690-8750
4- 8802-8844