33 Sessions Sideways Nifty requires break out for Next Big Moves
Intra Day Charts Analysis & Market Outlook
(08-06-2015)
Nifty-Intra Day Chart (Jun 03 to Jun 05,2015):-
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1- Mixed Patterns between 8168-8190 on 03-06-2015
2- Consolidation between 8095-8135 on 03-06-2015
3- Consolidation between 8105-8152 on 04-06-2015
4- Consolidation between 8057-8084 on 04-06-2015
5- Consolidation between 8119-8140 on 04-06-2015
6- Consolidation between 8104-8134 on 05-06-2015
7- Mixed Patterns between 8132-8190 on 05-06-2015
8- Consolidation between 8109-8122 on 05-06-2015
9- 3 Sessions most time trading between 8057-8190
Conclusions from 3 Sessions intra day chart analysis
3 Sessions most time trading between 8057-8190 with good consolidation within this range but mixed Patterns formations were also seen within this range at higher levels therefore follow up consolidation is firstly required for break out and sustaining above last 3 sessions range highest(8190)
Following lines were told on 03-06-2015 in "Long Term Trend at stake after Weaker monsoon forecast"
As Nifty traded last 31 sessions between 7997-8505 and hover around 14 days Long Term Trend decider 200 Day EMA(today at 8210) therefore finally sustaining beyond this range will decide the fate of Long Term Trend also and should be firstly watched in the coming sessions.
Nifty is not trending but sideways between 7997-8505 for the last 33 sessions and break out of this range range will decide next big moves of Nifty. As good consolidation in last 3 sessions near the lower levels of this range between 8057-8190 therefore emergence of some up moves expectations within 33 sessions range.