Intra Day Chart Analysis & Market
Outlook(16-10-2015)
Nifty-Intra Day Chart (15-Oct-2015):- |
| Just click on chart for its enlarged view |
1- More than 50 points up moves in first minute.
2- More than 5 hours trading between 8164-8190
3- Down moves in Bullish Falling Channel
4- Up moves in Bearish Rising Channel
5- Intraday corrections at higher levels in last hours
6- Whole day actual trading between 8130-8190
Conclusions from intra day chart analysis
Following supports and resistances within this range of 8089-8245 were updated on 13-10-2015 in "Finally Watch 8089-8245 for Next Blasting Moves":-
1- Supports between 8089-8139
2- Resistances between 8185-8230
Nifty got supports within mentioned supports yesterday but could not sustain within mentioned resistances and closed below its lowest(8185) today because Up moves in Bearish Rising Channel were also seen at higher levels today. As more than 5 hours trading between 8164-8190 with good consolidation patterns formations within this range therefore hopes of rally continuation are alive but more follow up consolidation is still required for blasting rally above the top(8245) of last 7 sessions trading range because:-
1- Up moves in Bearish Rising Channel at higher levels today
2- Some profit booking also can not be ruled out today on the back of strong Global markets led heated sentiments.
3- Resistances between 8185-8230 are above today highest.
As one sided technical positions have not developed yet and more consolidation is still required for valid break out of last 7 sessions range top(8245) therefore sideways market within mentioned last 7 sessions trading range(8089-8245) is still expected tomorrow.