Firstly Post FOMC decisive moves preparations between 8064-8237
Intra Day Chart Analysis & Market Outlook
(14-06-2016)
Nifty-Intra Day Chart (13-Jun-2016):-
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1- Consolidation between 8064-8084(Immediate Supports)
2- Last 15 minutes trading near about previous supports(8112)
3- Whole day actual trading between 8064-8125
Conclusions from intra day chart analysis
Sentiment was extremely depressed today morning due to following Global markets weakness:-
1- US markets closed 0.67% to 1.29% down after more than 2% weaker closing of most European markets last Friday
2- Most Asian markets were trading more than 1.5% down and some were more than 2% weak today morning.
3- Dow's Futures was also trading more than 60 points down today morning
4- SGX Nifty was trading more than 65 points down today morning
Although above mentioned Global markets and SGX Nifty weakness today morning but we told following lines today at 08:34 AM in "Firstly watch Most Crucial Support in Next FOMC News led Week":-
1- As supports are upto 8112 therefore finally its valid break down will be correction beginning confirmation towards the top of previous 28 Sessions sideways trading range highest(7992).
2- Although Nifty closed near the lower levels of the day last Friday but intraday consolidation patterns were seen that day therefore until fresh selling will not develop in next week till then Nifty will not sustain below 8112.
3- As Nifty is trading and closing above the lowest of last support(8112) for the last 10 sessions therefore it has become most crucial support now and firstly sustaining it beyond should be watched in next FOMC news led week
We told for the importance of 8112 again and again and Nifty hovered it around in last 15 minutes as well as closed just below it at 8110.60 today. We told 3 times in previous outlooks for the possibility of correction towards the top of previous 28 Sessions sideways trading range highest(7992) and it was also seen today.
Although Indian markets closed in Red after loosing 0.73% points but Indian markets out performed all Global markets today despite huge gap down opening today. As lower levels consolidation were also seen today therefore hopes are still alive that fresh rally will be seen after on going correction completion above 7992.
FOMC expectation led volatility can not be ruled out in the coming both sessions but on going Correction completion is expected without sustaining below 7992. Expected that Nifty will firstly prepare for post FOMC decisive moves between 8064-8237 and finally valid break out of this range will decide the fate of on going correction. Slipping below 8064 will mean correction continuation towards 7992 and sustaining above 8163 will produce strong up moves because good consolidation was seen above it last Friday and today down moves below it were crashing Global markets led.