Rally Continuation Expectations after follow up consolidation
Intra Day Chart Analysis & Market Outlook
(16-02-2016)
Nifty-Intra Day Chart (15-Feb-2016):- |
| Just click on chart for its enlarged view |
1- 75 Points gap up opening
2- First 2 hours up moves
3- 4 Hours Mixed Patterns between 7141-7182
4- Whole day actual trading between 7072-7182
Conclusions from intra day chart analysis
Although Nifty closed 182 points up after 75 Points gap up opening today but we told for Pull Back Rally in all the 3 previous outlooks from 11-02-2016. Just click following link and verify live proofs on yours own:-
Nifty moved up 103 points in first 2 minutes after 75 Points gap up opening and after that some up moves as well as more than 4 Hours Mixed Patterns between 7141-7182 therefore some more consolidation is required near about this range for decisive up moves because following resistances are lying just above today highest:-
1- 7220-7321
2- 7480-7512
Pull Back rally is on and until Nifty will not sustain below 7141 after complete selling till then fresh down moves will not be considered and today started rally continuation is expected after follow up consolidation between 7141-7321.