Lalit Dhingra
View Profile

Cautiously Bullish view with Pull Back Rally possibilit

Lalit Dhingra at 10:52 PM - Feb 04, 2015 ( ) Views: 640

2

Cautiously Bullish view with Pull Back Rally possibility

Technical Analysis and Market Outlook

(05-02-2015)

Nifty-Intra Day Chart (04-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

 

1- Down moves in Bullish Falling Channel

2- Minor selling between 8760-8772

3- Slow down moves in last 40 minutes.

4- Whole day actual trading between 8705-8792

 

Conclusions from intra day chart analysis 

 

Although Nifty slipped 69 points in last 40 minutes and Red closing near the lower levels of the day but down moves were slow which is a consolidation indication. As both higher levels minor selling and down moves in  Bullish Falling Channel were also seen therefore if follow up consolidation develops tomorrow then up moves will be seen above today highest.

 

View is not Bearish despite 0.38% down closing today and emergence of supports getting possibility between next 2nd support range(8695-8720). Pull Back Rally possibility will be considered up to 8852 but correction completion confirmation is still required through sustaining above following levels:-

 

1- 8772

2- 8852

 

Although last 3 sessions of this week closed in Red but as such selling patterns were not seen and on the contrary consolidation patterns were lso seen therefore View is cautiously Bullish with Pull Back Rally possibility and next trend view will be formed after next 1/2 sessions intraday charts patterns formations watching.


(1 to 3 out of 3) - Latest Replies on Top | First | << Previous | Next >> | Last |
Lalit Dhingra at 01:33 PM - Feb 05, 2015 ( )

@ Victor Ji & Suresh Ji
Thanks for positive comments and compliments

Suresh Prakasam at 11:04 PM - Feb 04, 2015 ( )

good study

Victor Kpp at 11:01 PM - Feb 04, 2015 ( )

thanks for the effort

1 to 3 out of 3

Login to participate in discussion.