Rally continuation amid Greece news led high volatility
Intra Day Chart Analysis & Market Outlook
Nifty-Intra Day Chart (06-Jul-2015):-
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1- Support between 8387-8438(Immediate Supports)
2- Up moves beginning after less down opening of European markets
3- Up moves amid Greece news led depressed most sentiments.
4- Whole day actual trading between 8387-8533
Conclusions from intra day chart analysis
As 'No' victory with big margin in Greece referendum therefore emergence of uncertainty and following negative trading of global markets was seen today:-
1- Most Asian markets were trading more than 1.5% down
2- European markets Futures were more than 3% negative.
3- Dow's Futures Red trading by more than 200 points.
As most dampened sentiments therefore huge gap down opening and more than 3 hours sideways trading between 8387-8438 which finally proved lower levels supports today. European markets Futures were more than 3% down today morning but markets opened .50% to 1.5% down at 12:30 PM which generated the rays of hopes in the mind of Bulls and up moves started which remain continued til the end of trading.
As lower levels supports amid most depressed sentiments and up moves continuation despite all around Global markets weakness and negative news flow as well therefore it is clear that Indian markets have shown strength today.
54 Sessions trading between 7941-8505 and today closing above it after recovery of 146 points amid most Bearish sentiments therefore emergence of strong signal for fresh up moves beginning after confirmation of sustaining above 8505.
Following lines were told yesterday in Blasting Rally towards and above Life Time High(9119.20):-
1- If 'No' comes from Greece referendum today Mid Night then a down can not be ruled out next Monday but Nifty will not sustain at lower levels
2- emergence of strong indication of correction completion confirmations last Friday
3- emergence of correction completion strong signal at the bottom of correction at 7940.30 on 12-06-2015
4- once valid break out of 8505 will mean strong blasting rally.
5- once valid break out of 8490 will mean strong blasting rally.
6- strong Blasting rally will be seen in the coming week after all trend turning up
As Nifty could not sustain at lower levels today despite all around weakness and closed above 8505 therefore expected that rally will remain continued after follow up consolidations at higher levels but Greece issues have not resolved yet and its uncertainty led volatility may remain high.