January 9, 2015

NIFTY daily charts

Markets form 2nd day of "higher high higher low" formation. This is normal within a downtrend.

Note that though markets closed in the positive, advance decline was negative.

Incidentally we also had a wide body day with the net result being a hanging man. The problem is this is reliable only after a strong rally which has not happened this time. So difficult to interpret this except to consider this as a warning of some selling happening.

EOD charts

Intraday charts: show the selling followed by recovery

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