Rally continuation after follow up consolidation
Intra Day Chart Analysis & Market Outlook
(21-05-2015)
Nifty-Intra Day Chart (20-May-2015):- |
| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel
2- Selling between 8420-8433
3- Sufficient intraday corrections
4- Whole day actual trading between 8400-8440
Conclusions from intra day chart analysis
Following line was told yesterday in Bullish markets continuation after sustaining above 8365:-
Bullish markets continuation views
As was told 100% same happened and Nifty closed 57.60 points up today.
Firstly sharp 50 points up in first 2 minutes and after that whole day sideways trading between 8400-8440 with completely mixed intraday patterns formations because both consolidation and selling patterns were seen within this range today.
2nd Resistance range between 8431-8462 was updated in previous Outlook yesterday and Nifty traded within and below this range today with intraday Mixed trading patterns formations. As consolidation patterns were also seen and Nifty traded most time more than .50% up today therefore expected that on going rally will remain continued but follow up consolidation is also required because above mentioned 2nd resistance range is lying just above today highest.
As some selling was seen today therefore some volatility or panic bottom formation may be seen for consolidation but expected that finally rally will remain continued after follow up consolidation within and near about today trading range.