Pull Back Rally within Sideways Market
Technical Analysis and Market Outlook
(08-04-2015)
Nifty-Intra Day Chart (07-Apr-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8662-8693(Immediate Resistances)
2- Consolidation Patterns between 8586-8617(Immediate Supports)
3- High volatility after RBI Credit Policy.
4- Whole day actual trading between 8586-8693
Conclusions from intra day chart analysis
As last more than 2 hours up moves were in Bearish Rising Channel were seen yesterday therefore following conclusive lines were told yesterday in Crucial levels will decide Nifty response to Credit Policy:-
firstly sustaining beyond following levels should be watched tomorrow for next trend confirmations;-
1- Forceful break out or sustaining above 8825 will mean clearing 2 resistances and fresh rally after correction completion.
2- Forceful break down or sustaining below 8627 will mean fresh down moves after Pull Back Rally completion in 1st Resistance range.
As RBI Credit Policy tomorrow therefore Indian Markets may be highly volatile also and finally above crucial levels will decide Nifty response to Credit Policy.
Nifty slipped below 8627 but without required force after negative sensing unchanged RBI Credit Policy and lower levels consolidation was also seen today therefore some up moves were seen in last hour. As first hour selling between 8662-8693 and next resistances are just above it between 8738-8825 therefore firstly follow up consolidation is required for next decisive up moves.
Long and Short Term Trends are up and Intermediate Term Trend is sideways between 8269-8825. Certainly positive indication after closing above 8627 after consolidation below it between 8586-8617 therefore Pull Back Rally continuation will be expected towards 8825. Let Nifty sustain above 8825 after complete follow up consolidation then rally above life time high will be considered after Intermediate Term Trend turning up confirmations.
As we were neither Bullish nor Bearish for today Credit Policy therefore we updated only Crucial levels yesterday and same view today that Nifty will firstly prepare for next trend between 8586-8825 in the coming 2/3 sessions but Pull Back Rally will be seen within sideways market. Let Nifty prepare then next trend will be updated according to intraday charts patterns formations in the coming sessions.