Pull Back Rally continuation towards 8431 after follow up consolidation
Intra Day Chart Analysis & Market Outlook
(12-05-2015)
Nifty-Intra Day Chart (11-May-2015):-
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1- First hour consolidation between 8224-8268
1- Higher levels 3 hours consolidation between 8288-8320
2- Whole day actual trading between 8224-8332
Conclusions from intra day chart analysis
As selling below 8224 last Friday therefore firstly consolidation just above it between 8224-8268 after gap up opening because all the Asian markets were trading strong and following strong closing of US and Asian markets last Friday:-
1- Dow Jones closed 267.05(1.49%) points up last Friday.
2- Dax closed 391.76(2.65%) points up last Friday. 3- FTSE 100 closed 159.87(2.32%) points up last Friday.
4- CAC 40 closed 123.17(2.48%) points up last Friday.
Following first resistance range was updated on 09-05-2015 in "Pull Back Rally continuation require permission from 8224":-
1- 8230-8365
Nifty traded whole day within this range with firstly lower levels and after that 3 hours higher levels consolidation therefore expected that Nifty will cross 8365 after follow up consolidation near about it and test following next resistance range.
2- 8431-8462
As resistance up to 8365 and Very Short Term indicators have turned overbought after last 2 sessions strong rally therefore follow up consolidation is must and Nifty may be sideways in consolidation process as well as some intraday corrections may also be seen but expected that finally last Friday started Pull Back Rally continuation will be seen towards 8431.