Very Short Term correction Possibility amid Intraday High Volatility
Intra Day Chart Analysis & Market Outlook
(04-08-2015)
Nifty-Intra Day Chart (03-Aug-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8547-8563
2- Down moves in Bullish Falling Channel in last hour
3- Whole day actual trading between 8528-8563
Conclusions from intra day chart analysis
Following line was told at on 02-08-2015 in "Rally Continuation after Fresh Consolidation and Minor Intraday Correction":-
Selling(resistances) between 8546-8654
As follow up selling within above mentioned previous resistance range between 8547-8563 today therefore higher level resistances have been strengthened.
RBI Credit Policy tomorrow and Bank Nifty traded as well as closed with good gains today but Nifty closed flat which is showing conflicting signals therefore uncertainty in main Indices and volatility will remain high tomorrow for stop loss triggering and one side trading positions setting.
Certainly emergence of Very Short Term correction possibility after higher levels selling today but down moves in Bullish Falling Channel were also seen in last hour therefore some up moves within and above today actual trading range(8528-8563) may also be seen amid intraday high volatility tomorrow.