Rally continuation despite Whatsoever Outcome from FOMC
Technical Analysis and Market Outlook
Nifty-Intra Day Chart (18-Mar-2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts
1- Consolidation Patterns between 8680-8700
2- Consolidation Patterns between 8664-8684
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 8664-8747
Conclusions from intra day chart analysis
Although Nifty closed near the highest of the day yesterday but we were not Bullish for today market and told following lines in "Fate of Sub Wave-3 in the hands of FOMC & Land acquisition Bill"
1- very short term/intraday correction is due for tomorrow
2- Nifty may turn sideways tomorrow because Nifty has to prepare
As was told 100% same happened today and correction was seen as well as Nifty closed 37 points down today.
Following line was told today at 10:02 AM in Post-open Outlook(18-03-2015):-
Immediate supports and resistances are between 8630-8760 and Nifty will remain sideways within this range today as well as prepare for next decisive moves
Nifty traded whole day today within mentioned trading range(8630-8760) and prepared for next decisive moves. As consolidation within sideways ranges and consolidation patterns of Down moves in Bullish Falling Channel therefore it seems that Nifty prepared for up moves today.
Although Indian markets closed near the lowest of the day today but good consolidation and lower levels supports in previous 2 sessions and follow up consolidations was seen today today also therefore rally continuation is expected tomorrow despite whatsoever outcome from FOMC today Midnight.