Pull Back rally possibility amid sideways market before FOMC
Intra Day Chart Analysis & Market Outlook
(11-12-2015)
Nifty-Intra Day Chart (10-Dec-2015):- |
| Just click on chart for its enlarged view |
1- More than 4 hours consolidation between 7610-7639(Immediate Supports)
2- Sharp up
3- Volatility and up moves in last hours with European markets and Dow's futures moves.
4- Whole day actual trading between 7610-7691
Conclusions from intra day chart analysis
Sharp up moves after 4 hours good consolidation but Volatility and up moves were also seen in last hours according to European markets and Dow's futures moves therefore some selling also can not be ruled out. As consolidation in last hour yesterday and follow up consolidation again today therefore 7608-7639 will be immediate support of Nifty and complete selling is required for decisive down moves below today lowest.
Certainly emergence of Pull Back rally possibility towards next resistance range(7796-7822) but finally sustaining beyond Neckline(7722) of 57 sessions Head and Shoulders pattern should be watched in the coming sessions for correction continuation/completion confirmation.
Immediate supports and resistances of Nifty are as follows:-
1- Supports between 7610-7639
2- Resistance between 7796-7822
Expected that Nifty will remain sideways between 7610-7822 in the coming sessions and prepare for next decide moves after FOMC on 16 Dec 2015 and finally valid break out of this range will decide next immediate trend but firstly Pull Back rally is expected.