Firstly Watch 8040-8146 amid some Down Moves Expectations
Intra Day Chart Analysis & Market Outlook
(29-06-2016)
Nifty-Intra Day Chart (28-Jun-2016):- |
| Just click on chart for its enlarged view |
1- Mixed Patterns between 8106-8125
2- Slow up moves after more than 2% positive opening of European markets.
3- Minor selling between 8129-8133
4- Whole day actual trading between 8106-8146
Conclusions from intra day chart analysis
Although Whole day Dow's Futures traded 100 to 200 points up and European markets opened more than 2% positive but slow up moves were seen in Indian markets after such strong trading of all European markets therefore selling on the back of strong intraday Global cues can not be ruled out today. As minor selling patterns formations in last hours and first 3 hours trading with mixed Patterns formations therefore view will not be Bullish despite Green closing after whole day positive zone trading today.
Nifty out performed Global markets yesterday between 8040-8120 and under performed Global markets today between 8106-8146 as well as both buying and selling between 8040-8146 in last 2 sessions therefore Nifty will firstly trade and prepare for next trend within this range.
As Indian markets completely under performed Global markets today therefore some down moves below today lowest(8106) is expected in the coming sessions and first indication of next decisive moves will be after valid break out of 8040-8146.