17th June will be Post FOMC forceful Moves preparation Day
Intra Day Chart Analysis & Market Outlook
(17-06-2015)
Nifty-Intra Day Chart (16-Jun-2015):- |
| Just click on chart for its enlarged view |
1- Consolidation between 7953-7996(Immediate Supports)
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 7953-8061
Conclusions from intra day chart analysis
Following lines were told yesterday in "Cautiously Bullish view requires follow up consolidation within 7941-8057":-
As good consolidation between 7941-8057 in last 3 sessions therefore moves above 8057 are expected but view is cautious because Bearish Indian markets and fresh up moves confirmation will be after follow up consolidation within 7941-8057 tomorrow.
As was told 100% same happened and Nifty moved above 8057 and intraday highest formation at 8061.85 today.
Although more than 4 hours lower levels consolidation today but last hours up moves were in Bearish Rising Channel therefore follow up consolidation and sustaining above 8057 is must for next decisive up moves.
As FOMC meet on 16th and 17th June therefore decisive moves are expected after its announcements on 18th June and Nifty will prepare for post FOMC decisive moves between and near about 7953-8061 tomorrow.
More than 24 hours trading between 7941-8057 in last 4 sessions with lower levels good consolidation and if selling does not develop tomorrow then strong rally will begin on the 18th June despite whatsoever announcements from FOMC on 17th night.
It should also be kept in mind that forceful moves beyond 7941-8057 may be seen on 18th June and market will prepare for those moves tomorrow. Let market prepare for post FOMC trend and decisive moves then will be updated from intraday charts patterns formations in the same manner as being done for the last more than 5 years.