Intra Day Chart Analysis & Market
Outlook(18-08-2015)
Nifty-Intra Day Chart (17-Aug-2015):-Outlook(18-08-2015)
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1- Sharp fall immediate after opening
2- Support between 8430-8455
3- Selling patterns formation between 8485-8515
4- Whole day actual trading between 8428-8530
Conclusions from intra day chart analysis
Firstly sharp fall immediate after opening and after that supports at lower levels but some selling patterns formations were also seen at higher levels therefore it is clear that one sided patterns formations was not seen today. As Mixed Patterns formations will be understood for today therefore following views is being repeated for tomorrow Outlook which was updated on 16-08-2015 in "Finally Rally after follow up consolidation within 33 sessions Trading Range":-
1- 33 sessions sideways market between 8316-8654 and finally sustaining beyond this range will give confirmations to next big Trend
2- Nifty will not easily break last 8 sessions trading range and will trade as well as firstly prepare for next decisive moves within this range in the next 2/3 sessions.
3- rally above 8654 is expected after follow up consolidation because Long and Intermediate Term Trends are up and lower levels very good consolidation was seen in previous months also.