Fresh Rally within 1/2 days without sustaining below 200 Day EMA(today at 8204).
Intra Day Chart Analysis & Market Outlook
(27-05-2015)
Nifty-Intra Day Chart (26-May-2015):- |
1- Consolidation Patterns between 8347-8369
2- Consolidation between 8321-8337
3- Whole day actual trading between 8321-8378
Conclusions from intra day chart analysis
Although most time negative zone trading and 0.37% down closing also today but whole day Consolidation Patterns formations therefore Indian markets will be understood under consolidation phase because selling patterns were not seen today. As US markets are trading more than 1% down after most European markets more than 1% down closing therefore negative zone or gap down opening may be seen Indian markets tomorrow if such weakness will be seen in Asian markets tomorrow morning.
As signals of Indian markets moving into consolidation phase therefore expected that fresh rally will start within 1/2 days after yesterday started correction completion and Nifty will not sustain below 200 Day EMA(today at 8204).