Finally Pull back rally above 8057
Intra Day Chart Analysis & Market Outlook
(10-06-2015)
Nifty-Intra Day Chart (09-Jun-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8045-8057
2- Good consolidation also between 8008-8025
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 8006-8057
Conclusions from intra day chart analysis
Whole day 51 points sideways trading with both higher levels selling and lower levels good consolidation also therefore valid break out of today trading range should be firstly watched for next trend confirmations.
Following lines were told on 03-06-2015 in "Long Term Trend at stake after Weaker monsoon forecast":-
1- Wave-1(8269.15 on 27-03-2015)
2- Wave-2(8844.40 on 15-04-2015)
3- Wave-3(7997.15 on 07-05-2015)
4- Wave-4(8489.55 on 22-05-2015)
5- Wave-5 continuation after slipping below 7997
Slipping below 7997 will be corrective Wave-5 confirmation which will be open the doors of deeper 5% fast correction.
As good consolidation between 8057-8135 from 03-06-2015 to 05-06-2015 therefore fast up moves will be seen after valid break out above today highest(8057) but some resistances are lying between 8135-8185 and strong rally will be considered after follow up consolidation and sustaining above 8185.
As Down moves in Bullish Falling Channel pattern formations seen 3 times and lower levels good consolidation also therefore expected that finally Nifty will move above today highest(8057) and Pull back rally is expected tomorrow.