Strong Signals of More Weakness in Indian Markets
Technical Analysis and Market Outlook
(16-04-2015)
Nifty-Intra Day Chart (Apr 09 to Apr 15,2015):- |
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1- Selling between 8740-8763 on 09-04-2015
2- Up moves in Bearish Rising Channel in last hour on 09-04-2015
3- Selling between 8761-8781 on 10-04-2015
4- Selling between 8754-8768 on 10-04-2015
5- Selling between 8777-8787 on 10-04-2015
6- Selling between 8777-8784 on 13-04-2015
7- Selling between 8810-8825 on 13-04-2015
8- Selling between 8825-8841 on 13-04-2015
9- Nifty slipped below 8740 in sharp fall of only 45 Minutes on 15-04-2015
Nifty-Intra Day Chart (15-Apr-2015):-
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1- Selling between 8802-8844
2- 121 Points sharp fall in last 45 Minutes
3- Whole day actual trading between 8723-8844
Conclusions from 4 Sessions intra day chart analysis
Selling above 8740 was continuously updated in following 3 previous sessions Outlooks:-
1- Topic posted on 14-04-2015:- Short Term Correction Possibility still Alive
2- Topic posted on 11-04-2015:- Strong Signals of Short Term Correction in Next Week
3- Topic posted on 09-04-2015:- 8825 is Next Trend and Big moves Decider
We cautioned and told selling in following words again and again:-
In Short Term Correction Possibility still Alive:-
1- whole day selling patterns formations and selling was seen in previous 2 sessions also therefore strong signals of selling phase continuation.
2- Short Term indicators are also in Overbought zone therefore Short Term correction possibility is very much alive
3- Short Term Correction possibility is still alive despite previous Nifty closing with 0.61% gains
In Strong Signals of Short Term Correction in Next Week:-
1- higher levels good selling in last 2 sessions therefore emergence down moves possibility
2- strong signals of fresh down moves within first 2 sessions of next week.
3- good intraday selling patterns formations in last 2 sessions and Bearish Shooting Star Candlestick formations also in last 2 sessions therefore Strong Signals of Short Term Correction in the beginning of Next Week
In 8825 is Next Trend and Big moves Decider:-
1- selling patterns formations were also seen at higher levels today
2- some selling patterns were also seen and next resistances are little above today highest therefore follow up consolidation is must.
As selling above 8740 in all last 3 sessions and follow up more than more than 5 hours selling today therefore Nifty slipped below 8740 in only 45 Minutes and above mentioned selling ranges between 8740-8844 will be strong resistances as well as complete consolidation will be required for fresh rally above 8844.
Long and Short Term Trends are still up and now Intermediate Term is sideways between 8269-8844,expected that Nifty will trade within this range in the coming week/weeks as well as will prepare for next big moves beyond this range.
If follow up selling develops then that will be strong indication of corrective Wave-C formation for fresh down moves below the bottom of on going correction(8269.15). As good selling in last 4 sessions and last 2 sessions trading range broken down with Engulfing Bearish Candle formation today therefore strong signals of more weakness and fresh down moves are expected also in the coming sessions.