Finally Rally Continuation Expectations after Follow up Consolidations
Intra Day Charts Analysis & Market Outlook
(13-10-2016)
Nifty-Intra Day Chart (Oct 07 & Oct 10,2016)
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1- Down moves in Bullish Falling Channel on 07-10-2016
2- Consolidation between 8664-8692 on 07-10-2016
3- Down moves in Bullish Falling Channels on 10-10-2016
4- 2 Sessions actual trading between 8664-8745
Conclusions from 2 Sessions intra day chart analysis
Next resistances of Nifty are as follows:-
1- 8770-8793
1- 8854-8873
2- 8874-8902
3- 8935-8956
Next supports of Nifty are as follows:-
1- 8664-8692
2- 8477-8580(Multiple and strong supports)
Although closing near the lower levels of the day last Monday but not after selling and with consolidation through formations of Down moves in Bullish Falling Channels therefore signals of fresh up moves above day's highest(8745). As whole day consolidation patterns formations on 07-10-2016 also therefore strong signals of up moves last Friday started up moves continuation.
Crashing like situation developed in all the Global in last 2 sessions when Indian markets were closed and now SGX Nifty is trading more than 45 points down therefore initial weakness can not be ruled out tomorrow if such weakness remains continued in Asian markets also tomorrow morning then fresh selling is must for decisive down moves below last 2 sessions lowest(8664).
As good consolidation in last 2 sessions therefore expected that finally rally will remain continued above 8745 after follow up consolidation.