Sustaining beyond 8612 will be Next Big Moves Confirmation
Technical Analysis and Market Outlook
Nifty-Intra Day Chart (19-Mar-2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts
1- 5 Hours selling between 8738-8788(Immediate Resistances)
2- 123 Points fall in last hours
3- Whole day actual trading between 8615-8788
Conclusions from intra day chart analysis
More than 100 points sharp up but 5 Hours selling on the back of encouraging news from FOMC therefore Nifty cracking down 123 points in last hours. As good selling between 8738-8788 therefore this range will be strong resistance and until complete consolidation will not happen till then Nifty will not sustain above 8788.
As very good consolidation between 8612-8648 on 16-03-2015 therefore this range is most crucial for next big moves determination. Once sustaining below 8612 will mean huge fall and firstly sustaining it beyond should be firstly watched tomorrow because complete consolidation is firstly required for sustaining above today selling range highest(8788)
20 Sessions lowest is at 8612 and today closing is just above it after intraday higher levels good selling today therefore high possibility of some more down moves but sustaining beyond 8612 should be firstly watched in the coming sessions because that will be next big moves confirmation.