View is Cautious after Higher Levels Selling Patterns Formations
Intra Day Chart Analysis & Market Outlook
(24-06-2015)
Nifty-Intra Day Chart (23-Jun-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8385-8398(Immediate Resistances)
2- Whole day actual trading between 8335-8398
Conclusions from intra day chart analysis
Following lines were told today at 11:49 AM in "Mid-session Outlook(23-06-2015)":-
selling patterns formations between 8385-8398
As selling patterns developed between 8385-8398 in first 2 hours today therefore Nifty could not move above 8398 and follow up selling was again seen within 8385-8398 in last 3 hours today therefore this range is immediate Resistance and follow up consolidation is firstly required for fresh rally above today highest 8398.45.
Following lines were told yesterday in "Fresh Rally Expectations after follow up Consolidation between 8340-8505":-
Nifty will firstly trade and prepare for next big moves between 8340-8505 in the coming sessions
Nifty traded almost whole day within this mentioned range between 8335-8398 with higher levels selling therefore view is cautious because resistances are lying above today highest between 8440-8486.
As selling patterns formations at higher levels today therefore some down moves may be seen tomorrow but finally sustaining beyond 8335-8505 will decide those next moves which have already been updated yesterday in "Fresh Rally Expectations after follow up Consolidation between 8340-8505"