Today Started Rally Continuation towards Next Resistance
Intra Day Chart Analysis & Market Outlook
(28-12-2016)
Nifty-Intra Day Chart (27-Dec-2016):-
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1- Support between 7904-7924
2- Mixed Patterns between 7943-7956
3- Fast up moves in last hours
4- Whole day actual trading between 7904-8044
Conclusions from intra day chart analysis
Following conclusive lines were told yesterday in "Correction Continuation Expectations":-
1- As Nifty hovered around 7917 more than 5 hours when traded between 7894-7938 therefore sustaining beyond this range will confirm deeper correction or a Pull Back Rally
2- but expected that finally correction continuation will be seen below 7894 after follow up selling within or near about mentioned range
As corrective Wave-C is on with deeper correction targets and no confirmation of its completion yet therefore finally correction continuation was expected but Pull Back Rally was seen after lower levels supports and closing near the higher levels of the day today.
Following supports and resistances were updated on 25-12-2016 in "7917 Will Confirm Next Big Moves":-
Next supports of Nifty are as follows:-
1- 7942-7966
2- 7917-7942
Next resistances of Nifty are as follows:-
1- 8137-8159
2- 8165-8200
3- 8168-8224
Nifty tested above mentioned supports and first resistance range is much above today highest at 8137 therefore today started rally will remain continued towards it because selling pattern formations were not seen at higher levels of the day.
Still Nifty will be understood sideways between 7894-8275 because resistances are lying between 8252-8275 also. Expected that Nifty will firstly trade and prepare for next decisive moves between 7942-8159 and finally valid break out of this range will give next trend first indication and finally confirmation will be sustaining beyond 7894-8275.