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Bullish markets continuation after sustaining above 8365

Intra Day Chart Analysis & Market Outlook

(20-05-2015)

Nifty-Intra Day Chart (19-May-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channel
2- 90 Points sharp fall in 20 minutes
3- Double Bottom supports at lower levels at 8336
4- Whole day actual trading between 8335-8427

Conclusions from intra day chart analysis 

Importance of 8365 was updated in following topics of last 2 sessions and today closing is exactly at 8365.65:-

1- 8365 will trigger Blasting Rally
2- High possibility of new life time high above 9119.20 after sustaining above 8365

Following lines were told yesterday in High possibility of new life time high above 9119.20 after sustaining above 8365:-

possibility of intraday or 1/2 sessions correction will be considered but it should also be kept in mind that:-

1- Many times Bull markets complete its correction and consolidate at higher levels also and much deeper correction is not seen.
2- Bull markets complete its correction time wise and not price wise.  

Higher levels correction was told yesterday and same was seen today,Nifty slipped from intraday higher levels and deeper correction was not seen today. 

As firstly more than 4 hours up moves and after that 90 Points sharp fall was seen after 02:00 PM today therefore traders should be cautious because such high volatility is being seen for the last 10 sessions and both sides Stop Loss triggering risk remains high in such huge volatility.

Following  resistances were updated on 09-05-2015 in "Pull Back Rally continuation require permission from 8224":-

1- 8230-8365
2- 8431-8462
3- 8486-8502
5- 8522-8564
6- 8640-8468
7- 8690-8750 
8- 8777-8784
9- 8802-8844

Nifty crossed 1st resistance but could not test 2nd resistance and retraced after intraday high formation at 8427.80. As Nifty faced resistance just below next resistance and Bearish Rising Channel formations was also seen just below it therefore complete follow up consolidation is firstly required for fresh rally.  

As technical positions reverses during such high today like volatility therefore final view will be formed tomorrow after the analysis of first 2/3 hours intraday charts patterns formations. Both "lower levels Double Bottom supports" and "higher levels Bearish Rising Channel formations" were seen today which means that no one sided positions formations today and Nifty has to prepare for next decisive moves which will be done in the coming sessions.

Same Bullish markets continuation views which were updated yesterday but confirmation is must through sustaining above 8365