Crucial Levels will decide Next Trend after Sharp Fall Today
Post-open Outlook(12-05-2015)
Following lines were told yesterday in "Pull Back Rally continuation towards 8431 after follow up consolidation":-
1- follow up consolidation is must
2- some intraday corrections may also be seen
Intraday correction was seen in following manner immediately after opening today:-
1- Nifty slipped 77 points in first 4 minutes and
2- Nifty lost 92 points within first 11 minutes.
3- Nifty crashed 119 points within first 18 minutes.
As possibility of GST Bill referring to standing committee and high nervousness therefore such sharp down moves in Indian market.
Certainly we were also expecting intraday correction today but such sharp was not expected therefore view is cautious because whole rally of yesterday turned zero in first 18 minutes and emergence of following possibility which was updated on 09-05-2015 in "Pull Back Rally continuation require permission from 8224":-
If 7th May 2015 started rally terminates below the top of Wave-'C'(8844.40) then 5 Waves correction will be seen and its corrective Wave-5 will moves below the bottom of Wave-'C'(7997.15).
As good supports above 7997 on 07-05-2015 and previous strong resistances below 8462 and therefore Nifty will be sideways within 7997-8462 and will prepare for next decisive moves and finally valid break out of these crucial levels will decide next trend.