GST Bill Passing news led Today Rally require more Confirmations
Intra Day Chart Analysis & Market Outlook
(17-05-2016)
Nifty-Intra Day Chart (16-May-2016):- |
| Just click on chart for its enlarged view |
1- More than 5 hours trading Mixed Patterns formations between 7773-7822
2- Up moves in last hours after FM Arun Jaiteley statement in news channels regarding GST passing in next Monsoon Session.
3- Whole day actual trading between 7773-7873
Conclusions from intra day chart analysis
Following lines were told today at 12:44 AM in "Firstly Watch 7678 amid Weak beginning Week":-
possibility of slipping below day's lowest(7785) in the beginning of next week.
Although all the Asian markets were trading in Green zone and some were more than 1% up also but Nifty slipped below 7785 after positive opening and moved up after lowest formation at 7772.15 today. Following news was in the news channels during Indian trading hours today:-
As firstly more than 5 hours trading with Mixed Patterns formations between 7773-7822 and last hours up moves after above mentioned Bullish news in the news channels therefore firstly follow up consolidation and after that confirmation through sustaining above next immediate resistance(7900-7932) is must for decisive up moves to counter last resistance(7954-7992) of Post Budget 2016-17 Rally.