Pull Back Rally Possibility
Intra Day Chart Analysis & Market Outlook
(05-06-2015)
Nifty-Intra Day Chart (04-Jun-2015):- |
| Just click on chart for its enlarged view |
1- Consolidation Patterns between 8105-8152
2- Consolidation between 8057-8084
3- Consolidation Patterns between 8119-8140
4- Whole day actual trading between 8057-8152
Conclusions from intra day chart analysis
Although flat closing in a volatile day today but whole day good consolidation and Bullish Hammer candlestick formation therefore Pull Back rally is expected in the coming sessions and once sustaining above today trading highest(8152) will mean today consolidation levels turning into strong supports.
As all the European markets are trading moe than 1% down and Dow Futures is also now 110 points down therefore sentimental weakness may be seen tomorrow morning if such weakness reflects in Asian markets also and in that situation Nifty may firstly trade within today trading range. As whole day good consolidation Patterns formations today therefore until fresh selling will not develop till then down moves below today lowest will not be considered.