Emergence of Fresh and Strong rally expectations above 8315 but after Complete Consolidation
Intra Day Chart Analysis & Market Outlook
(01-07-2016)
Nifty-Intra Day Chart (30-Jun-2016):- |
| Just click on chart for its enlarged view |
1- Selling Patterns between 8262-8277
2- 3 Hours Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Mixed Patterns formations in last 2 hours between 8285-8308
5- Whole day actual trading between 8243-8308
Conclusions from intra day chart analysis
As all the Asian markets were blasting today morning therefore Strong gap up opening of Indian markets but continuous slipping in first 3 hours after some selling. As down moves were in Bullish Falling Channel and all the European markets recovered also after first 15 minutes weakness therefore fast up moves were seen in Indian markets.
Following resistances of Nifty with following line was updated on 16-06-2016 in "Finally Crucial Levels will decide Next Trend amid Brexit led Uncertainty" and were repeated also many times in previous Outlooks:-
1- 8242-8255
2- 8260-8315
3- 8470-8520
4- 8575-8652
(Sustaining above 2nd resistance range(8315) will be fresh strong rally confirmation)
Following topic was updated on 27-06-2016:-
Last 25 sessions most time trading between 8064-8295 and this range was broken down on 24-06-2016 after Brexit referendum but closed within it after lowest formation at 7927.05 and this range was broken out today also but again closed within it at 8287.75. It has been seen in all the post Budget 2016-17 Rally that market has completed all its corrections through sideways trading and it is also expected that on going 25 sessions sideways trading range will also broken out and fresh rally will start above last 25 sessions range highest(8295).
Nifty traded within 2nd resistance range with Mixed Patterns between 8285-8308 today because Up moves in Bearish Rising Channel were also seen within this range therefore Nifty slipped fast from higher levels. As Indian markets completely out performed European markets and moved up on its own technical strength today therefore emergence of fresh and strong rally expectations above 8315 but complete consolidation is firstly required in the coming sessions within or near about last 2 hours trading range(8285-8308) because it is lying between above mentioned 2nd resistance levels(8260-8315) and Mixed Patterns formations were also seen within it today.