Cautiously Bullish view with Pull Back Rally possibility
Technical Analysis and Market Outlook
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:-
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.