Pull Back rally continuation & Watch Immediate Resistance Range for Next Trend
Intra Day Chart Analysis & Market Outlook
(08-05-2015)
Nifty-Intra Day Chart (07-May-2015):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Whole day Down moves in Bullish Falling Channel
3- Whole day actual trading between 7997-8122
Conclusions from intra day chart analysis
Although most time negative zone trading and closing also .49% down today but as such no selling patterns formations were seen and on the contrary Down moves in Bullish Falling Channel were also developed which is a consolidation pattern.
Following lines were told yesterday in "Correction continuation towards/below 7994":-
1- Nifty will test 7994
2- finally sustaining it beyond will decide next trend
7994 was told and Nifty rebound 79 points after today lowest formation at 7997.15.
When Nifty was trading at much higher levels then calculations and importance of 7994 was told more than 10 times in last 4/5 weeks and 7994 has been almost tested today. As whole day consolidation was seen today therefore Pull Back rally is expected tomorrow but good selling between 8083-8181 yesterday therefore complete follow up consolidation is required for sustaining above 8181.
On going target of Wave-'B' was at 7994 and it has been achieved today. Now firstly sustaining beyond 8181 should be firstly watched for:-
1- Sustaining above 8181 will mean Pull Back rally continuation with following Waves structure formations possibilities:-
a- Pull Back rally may be fresh rally beginning after 'ABC'correction completion or
b- Pull Back rally may be Wave-4 for fusing below the the top of Wave-'B'(8844.40) and for fresh down moves beginning below today lowest in the form of Wave-5.
c- First signal of 'ABC'correction completion today but 5 Waves correction possibility is still alive.
2- Sustaining below 8181 will mean fresh down moves below today lowest and corrective Wave-'B' continuation.
Certainly Big moves can not be decided from the formations of only 1 day intraday charts. Next moves signals have been drawn which are updated above.
Today last hour started Pull Back rally continuation is expected tomorrow and finally sustaining beyond immediate resistance range(8083-8181) will give first strong indication of next trend.