Cautiously Bullish view requires follow up consolidation within 7941-8057
Intra Day Chart Analysis & Market Outlook
(16-06-2015)
Nifty-Intra Day Chart (15-Jun-2015):- |
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1- 90 Points bounce in first 30 minutes
2- Down moves in Bullish Falling Channel
3- Consolidation between 7980-8006(Immediate Supports)
4- Whole day actual trading between 7945-8057
Conclusions from intra day chart analysis
Following line was told today at 10:36 AM in "Next Immediate Decisive moves will be decided by 7941-8051":-
Next resistances are between 8038-8051 and once valid break out of this range will mean strong possibility of more than 1% up moves and next immediate decisive moves will be decided by 7941-8051
As resistances between 8038-8051 therefore Nifty could not sustain above it and slipped below 8038 after intraday highest formation at 8057.70.
Although Nifty slipped 50 points in last hours from intraday higher levels but as such selling patterns were not seen and on the other hand consolidation patterns were also seen therefore emergence of up moves expectations in the coming sessions.
As all trends are down and Nifty is in the grip of Bears therefore follow up consolidation is firstly required for sustaining above today highest and sharp up moves will be seen above 8188.
More than 17 hours trading between 7941-8057 in last 3 sessions therefore firstly valid break out of this range should be watched in the coming sessions for next decisive moves:-
1- Above 8057 will mean up moves towards 8188.
2- Below 7941 will mean Correction Continuation towards 7642.30.
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.