Emergence of Fresh Up Moves Expectations
Intra Day Chart Analysis & Market Outlook
(16-09-2016)
Nifty-Intra Day Chart (15-Sep-2016):-
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1- Selling between 8730-8745
2- Consolidation between 8705-8724
3- Mixed Patterns formations in last hour between 8729-8740
4- Whole day actual trading between 8705-8751
Conclusions from intra day chart analysis
Although slipping after first hour selling but lower levels good consolidation also between 8705-8724 therefore recovery from lower levels and closing near the higher levels of the day. As Mixed Patterns formations in last hour also therefore follow up consolidation is firstly required for decisive up moves above today highest(8751)
Selling below 8746 last Monday and lower levels supports above 8689 in last 2 sessions therefore emergence of fresh up moves expectations above 8751 and once sustaining above it will mean strong signal of 7th Sep started correction completion at 8689 and fresh rally beginning towards 8968.
As next FOMC led Global markets high volatility and rates hike news led uncertainty also therefore confirmation is firstly required through sustaining above last 3 sessions highest(8751)