Pull Back Rally continuation Expectations
Intra Day Chart Analysis & Market Outlook
(03-03-2016)
Nifty-Intra Day Chart (02-Mar-2016):- |
| Just click on chart for its enlarged view |
1- Support between 7309-7326(Immediate Supports)
2- More than 5 hours Mixed Patterns between 7340-7380
3- Up moves in Bearish Rising Channel
4- Down moves in Bullish Falling Channel
5- Whole day actual trading between 7309-7380
Conclusions from intra day chart analysis
Surprised to see all around that most were Bearish for Budget and many have been trapped in short positions but those who are following us very well know that we posted following last Bearish topic on 22-02-2016:-
We told only and only up moves in all the following previous 5 topics from 25-02-2018:-
1- Posted at 02:12 AM on 01-03-2016- Strongest indications of correction completion at 6825.80 and Fresh Rally above 9119.20
2- Posted on 29-02-2016- Finally up moves above today highest(7094.60)
3- Posted at 12:16 PM on 29-02-2016- Mid-session Outlook(29-02-2016)
4- Posted at 01:08 AM on 29-02-2016- Short Term up moves Expectations with confirmation through 6869-7252
5- Posted on 25-02-2016-Pull Back Rally Expectations amid High Volatility
As was projected in above 5 topics 100% same happened after post Budget Bull Rally.
More than 100 points gap up opening and after that lower levels some supports but last more than 5 hours trading with Mixed Patterns between 7340-7380 therefore expected that Nifty will firstly trade and prepare for next decisive moves within or near about this range.
Nifty traded 15 previous sessions between 6869-7252 and this range was forcefully broken out today which is first strong signal of its broken out validity and once confirmation of sustaining above 7252 will mean more decisive up moves after Intermediate Term Trend turning up confirmations as well as strong indication of that big correction completion at 6825.80 on 29-02-2016 which started at 9119.20 on 04-03-2015.
As very short Term Indicators have turned over bought therefore some intraday correction led volatility may be seen but until Nifty will not sustain below today lowest after 1/2 sessions complete selling till then any decisive down moves will not be considered. Expected that finally Budget day started Pull Back Rally will remain continued towards following next resistances after 1/2 sessions follow up consolidation within or near about 7340-7380:-
1- 7480-7512
2- 7556-7600