Technical Analysis and Market Outlook(16-05-2014)
Nifty-Intra Day Chart (May 13 to May 15,2014):-
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1- Most time trading trading between 7082-7131 in last 3 sessions.
Conclusions from 3 Sessions intra day chart analysis
Gap up opening on 13th May after Exit Poll results on 12th May and after that last 3 sessions most time trading between 7082-7131. As consolidation patterns formations within this range in last 2 sessions therefore same rally continuation view which has already been updated in all the previous Outlooks of last 2 sessions.
Nifty-Intra Day Chart (15-May-2014):-
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1- Down Moves in Bullish Falling Channel
2- Support between 7082-7100
3- Support between 7082-7102
4- Most time trading trading between 7082-7134
5- Whole day actual trading between 7082-7152
Conclusions from intra day chart analysis
Most time trading trading between 7082-7134 with lower levels good supports and consolidation therefore expected that finally rally will be seen above 7134.
Conclusions (After Putting both charts Together)
Although some selling was seen between 7148-7172 on 13-05-2014 but most time trading trading between 7082-7131 with good consolidations in last 3 sessions also therefore technically Indian markets are well set for fresh up moves and finally rally continuation with new high formations will be seen tomorrow.