Still View is Bullish
Intra Day Chart Analysis & Market Outlook
(23-03-2016)
Nifty-Intra Day Chart (22-Mar-2016):- |
| Just click on chart for its enlarged view |
1- Most time trading below yesterday closing(7704.25)
2- High intraday volatility
3- Whole day actual trading between 7644-7728
Conclusions from intra day chart analysis
Although Nifty closed near the higher levels of the day yesterday after gaining 100 points but we told following lines yesterday in "Rally continuation expectations after follow up consolidation":-
1- some volatility may be firstly seen for consolidation within today trading range
2- View was Bullish from and before Budget day and still same view as well as expected that Rally above 7600 will remain continued
2- 1/2 sessions follow up consolidation within of near about higher levels of today trading range
As was told yesterday, 100% same had been seen in following manner today:-
1- High volatility was seen today
2- Nifty traded almost whole day within yesterday trading range(7628-7713) and closed little above it at 7714.90 today.
3- Bullish view was told and and Nifty closed positive today
Although no clear pattern formation today and only high intraday volatility was seen but view will remain Bullish because selling patterns were also not seen and until complete selling patterns will not develop till then any correction will not develop,let it happen then will be considered.