Possibility of Fresh Down Moves after Selling Patterns Formations Today
Intra Day Chart Analysis & Market Outlook
(10-09-2015)
Nifty-Intra Day Chart (09-Sep-2015):- |
| Just click on chart for its enlarged view |
1- Selling patterns between 7822-7846
2- Selling patterns between 7823-7835
3- Up moves in Bearish Rising Channel
4- Whole day actual trading between 7786-7846
Conclusions from intra day chart analysis
Although strong Global cues led gap up opening and 1.70% positive closing also but intraday patterns of today are showing selling patterns formations therefore emergence of fresh down moves signals today. Resistances before trading were as follows:-
1- 7788-7811(crossed today)
2- 7831-7846(trading within this range but closing below it today)
3- 7865-7881
4- 7894-7926
5- 7929-7948(Gap Resistance)
Although trading within 1st and 2nd resistances and closing within it as well but in strong global cues led heated sentiments and intraday consolidation patterns were not seen therefore view will not be Bullish despite such strong closing today
As all the European markets are more than 1.75% up and Dow's Futures is also trading 180 points up at this moment therefore if such Bullishness maintains in Asian markets also tomorrow then some up moves above today highest or trading within today trading range may be seen but decisive up moves will not be considered until Nifty will not sustain above 3rd resistance(7881) after complete consolidations.
Last 2 sessions rally will be considered only Pull Back Rally to fuse near about above mentioned resistances and valid break down of today lowest(7786) will be its termination confirmation and valid break out of 7786-7881 will be next decisive moves confirmation.
As selling patterns formations today therefore more possibility of slipping below today lowest(7786).