Short Term Correction Possibility still Alive
Technical Analysis and Market Outlook
(15-04-2015)
Nifty-Intra Day Chart (13-Apr-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8777-8784
2- Selling between 8810-8825
3- Selling between 8825-8841
4- Whole day actual trading between 8763-8841
Conclusions from intra day chart analysis
Although closing near the higher levels of the day but whole day selling patterns formations and selling was seen in previous 2 sessions also therefore strong signals of selling phase continuation. Last 3 sessions are showing selling patterns and it should be kept in mind that length of correction will depend on the size and days of selling patterns. As Short Term indicators are also in Overbought zone therefore Short Term correction possibility is very much alive and market will be healthy after its completion for fresh rally.
Long and Short Term Trends are up and Intermediate Term was sideways between 8269-8788 for the 15 sessions and last Monday closing was above it at 8834. As selling patterns formations is previous 3 sessions therefore follow up consolidation is must for sustaining above 8788. Let it happen then fresh rally will be considered towards and above life time high(9119.20) after fresh consolidation near about following resistances:-
1- 8920-8943(weak)
2- 9023-9096(strong)
Short Term Correction possibility is still alive despite previous Nifty closing with 0.61% gains and fresh decisive moves will be considered after fresh follow up consolidation patterns formations.