Rally Continuation expectations above 8446 are alive
Intra Day Chart Analysis & Market Outlook
(22-05-2015)
Nifty-Intra Day Chart (21-May-2015):- |
| Just click on chart for its enlarged view |
1- Selling patterns formations at higher levels
2- Down moves in Bullish Falling Channels
3- Consolidation between 8383-8400
4- Whole day actual trading between 8383-8446
Conclusions from intra day chart analysis
Following line was told today at 12:26 AM in "Rally continuation after follow up consolidation":-
1- As some selling was seen today therefore some volatility or panic bottom formation may be seen for consolidation
2- finally rally will remain continued after follow up consolidation within and near about today trading range.
Following line was told today at 09:34 AM in "Post-open Outlook(21-05-2015)":-
1- As selling patterns formations being developed immediately after opening today
2- firstly sustaining beyond 8400 should be watched today
As was told in above both Outlooks 100% same happened during trading hours today and Nifty traded whole day within and near about yesterday trading range as well as recovered after more than 2 hours follow up consolidation below 8400.
As some selling yesterday and again selling developed immediately after opening today therefore Nifty slipped below 8400 after 10:00 AM but consolidated more than 2 hours between 8383-8446. This range has developed immediate support and until Nifty will not sustain below today lowest(8383) till then next down moves will not be considered.
Although some selling but good consolidation was also seen between 8383-8446 in last 2 sessions therefore rally continuation expectations above today highest(8446) are alive after follow up consolidations because following resistances are lying just above today highest:-
1- 8431-8462
2- 8486-8502
3- 8522-8564
4- 8640-8468
5- 8690-8750
6- 8777-8784
7- 8802-8844