Rally Continuation after follow up consolidations
Technical Analysis and Market Outlook
Nifty-Intra Day Chart (21-Jan-2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts
1- Selling between 8722-8741(Immediate Resistance)
2- Higher levels patterns formation
3- Up moves in Bearish Rising Channel
4- 3 Times supports and consolidation Patterns between 8690-8713(Immediate Supports)
5- Down moves in Bullish Falling Channel
6- Whole day actual trading between 8690-8741
Conclusions from intra day chart analysis
As very short term Oscillators were overbought and sentiment turned heated also after last 4 sessions strong rally therefore cooling down was required and it was seen today through whole day sideways trading within 51 points. Intraday patterns of today are completely mixed because both buying and selling patterns formation and more preparation is firstly required within and near about today trading range(8690-8741) for next decisive moves/trend.
Follow up moves with sustaining beyond today trading range should be firstly watched tomorrow for next decisive moves confirmations but finally rally continuation is expected above today highest(8741) after follow up consolidations.
As Dow Jones'Futures is now trading more than 80 points down and if such weakness does reflect tomorrow in Asian markets also then weakness may be firstly seen in Indian markets but expected that finally rally continuation will be seen because fresh up moves are on after 31 sessions correction completion on 20-01-2015.