Lalit Dhingra
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Fresh rally possibility above 8640

Lalit Dhingra at 11:02 PM - Mar 24, 2015 ( ) Views: 626

Fresh rally possibility above 8640

Technical Analysis and Market Outlook

(25-03-2015)

Nifty-Intra Day Chart (24-Mar-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

 

1- Up moves in Bearish Rising Channel

2- Selling patterns formation between 8578-8602

3- Minor consolidation between 8547-8563

4- Mixed Patterns formations at higher levels between 8601-8627 

5- Minor consolidation between 8538-8550

6- High Volatility 

7- Whole day actual trading between 8535-8627

 

Conclusions from intra day chart analysis 

 

Following lines were told yesterday in Bulls Final Match Possibility with 9119.20:-

 

1- emergence of fresh up moves signal 

2- follow up consolidation is must for sustaining above 8640

 

As was told yesterday 100% same happened today and up moves started immediately after opening as well as Nifty traded 77 points up today. It was clearly told that follow up consolidation is must for sustaining above 8640 and Nifty could not move above 8640 because follow up consolidation was not seen but on the contrary following selling patterns were also seen in first 4 hours today:-

 

1- Up moves in Bearish Rising Channel

2- Selling patterns formation between 8578-8602

 

As lower levels consolidation and Mixed Patterns formations at higher levels with 92 points high volatility was also seen in last more than 2 hours today therefore view will not be Bearish despite today closing near the lowest of the day today because Technical positions reverses also in such today like high volatility.

 

Following lines were told on 22-03-2015 in Bulls & Bears Semi Final between 8470.50-8640 in Next Week:-

 

firstly Nifty will trade and prepare for next big moves between 8470.50-8640 for following decisive big moves:-

 

1- Once slipping below 8470.50 will mean Sharp fall

2- Sustaining above 8640 after complete consolidation will mean first strong signal of Sub Wave-3 formation towards new life time high above 9119.20

 

Although selling patterns formations in first 4 hours today but consolidation patterns were also seen today and complete consolidation was seen on 20th and 23rd Mar therefore fresh up moves hopes above 8640 are alive but follow up consolidation is must in the coming 2/3 sessions.

 

As today Candle is Inverted Hammer / Gravestone Doji Bullish and adding of one more signal of up moves on today EOD chart therefore increasing of fresh rally possibilities after getting supports above 8470.50.

 

Finally following almost same conclusion which updated yesterday:-

 

Emergence of fresh up moves signals after broken out of  8470.50-8640 but follow up consolidation is must for sustaining above 8640. Once sustaining above it will mean fresh up moves with emergence Sub Wave-3 formation possibility for rally above 9119.20 in the coming weeks/months despite last 3 sessions closing near the lowest of the day.


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