View is Cautious after Nifty Jun Fut closing in discount on Expiry day today
Intra Day Chart Analysis & Market Outlook
(29-05-2015)
Nifty-Intra Day Chart (28-May-2015):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Consolidation between 8271-8295(Immediate Supports)
3- Whole day actual trading between 8271-8364
Conclusions from intra day chart analysis
As huge fall in Shanghai and Hang Seng therefore continuous slipping immediately after opening up to 01:00 PM but Down moves were in Bullish Falling Channel and lower levels good consolidation was also seen therefore technically view will not be Bearish and fresh up moves are expected above today highest after 1/2 sessions consolidation.
One rare development was seen today that Nifty Jun Fut closed in discount at 8318.55 while most of the time next month Fut were being closed on Expiry day with near about or above 50 Points Premium. As today closing in discount therefore view is cautious and fresh selling beginning possibility on the back of Repo Rates cut hopes by RBI (on 2nd June Credit policy) will also be considered.
Certainly view is cautious and watchful because following contradictory developments:-
1- Intraday charts are showing consolidation patterns therefore Indian markets are technically poised for up moves.
2- All around rates cut expectations are turning high therefore Jun Fut should have closed with good premium but closed in discount therefore if selling develops in this positive news led heated sentiments then huge fall may be seen even after RBI Rates cut.
Two Trading sessions are left before RBI Credit Policy and big moves are expected after its announcement. Let follow up technical positions formations develop in next 2 sessions then will be firstly understood through intraday charts patterns formations and then will updated accordingly.
No gossiping never guessing and whatsoever market suggest only that is always updated. Let market prepare for next trend and decisive moves conclusions come then will be updated in the same manner as being done for the last more than 5 years.