Sideways Market Correction require Fresh Consolidation for its Completion
Intra Day Chart Analysis & Market Outlook
(25-06-2015)
Nifty-Intra Day Chart (24-Jun-2015):- |
| Just click on chart for its enlarged view |
1- 4 Hours up moves in Bearish Rising Channel between 8393-8421
2- Steep fall in last hour
3- Whole day actual trading between 8339-8421
Conclusions from intra day chart analysis
Following lines were told yesterday in "View is Cautious after Higher Levels Selling Patterns Formations":-
1-As selling patterns formations at higher levels today therefore some down moves may be seen tomorrow
2-finally sustaining beyond 8335-8505 will decide those next moves
As was told 100% same happened and:-
1- Sharp down moves were seen in last hour today
2- Sustaining beyond 8335-8505 was told and Nifty could not slip below 8335 despite sharp fall today.
Following lines were told on 22-06-2015 in "Fresh Rally Expectations after follow up Consolidation between 8340-8505":-
Expected that Nifty will firstly trade and prepare for next big moves between 8340-8505 in the coming sessions and once sustaining beyond this range will decide:-
1- Correction continuation towards or below 7940.30.
2- Fresh rally towards or above 9119.20.
As good selling between 8393-8421 therefore this range will be immediate resistance and following levels will result today started down moves continuation:-
1- 8340
2- 8200(200 Day EMA)
Last 15 Sessions trading between 7941-8421 with lower levels good consolidations and next resistances above 8421 are between 8440-8486 but therefore Nifty will remain sideways between 7941-8486 and finally valid break out of this range will decide next trend.
Correction of last 8 sessions rally was seen today and its continuation can not be ruled out tomorrow as well as until fresh consolidation will not develop till then its completion will not be considered.
Today started sideways market(7941-8486) correction is demanding fresh consolidation for its completion and till then its continuation will be expected towards next supports above 7941..