Firstly Up Moves Expectations
Intra Day Chart Analysis & Market Outlook
(03-05-2016)
Nifty-Intra Day Chart (02-May-2016):- |
| Just click on chart for its enlarged view |
1- Most time sideways trading between 7785-7819 with consolidation patterns formations within it
3- Whole day actual trading between 7778-7829
Conclusions from intra day chart analysis
As both opened Asian markets were trading in Red and Nikkei 225 was more than 3 down therefore whole day negative zone trading after weak opening but intraday consolidation patterns formations within most time sideways trading range therefore emergence of very Short Term up moves expectations above today highest(7829). Consolidation was seen between 7790-7810 last Friday and follow up consolidation was seen within this range today also as well as no immediate resistance above 7829 therefore once its valid break out will mean up moves towards next resistances 7963-7991.
As consolidation patterns formations in last 2 sessions therefore expected that firstly up moves within last 11 Sessions actual trading range(7778-7992) will be seen in the coming sessions.