Fresh Rally Expectations after follow up Consolidation between 8340-8505
Intra Day Chart Analysis & Market Outlook
(23-06-2015)
Nifty-Intra Day Chart (22-Jun-2015):- |
| Just click on chart for its enlarged view |
1- Whole day up moves in Broadening Pattern
2- Whole day actual trading between 8258-8369
Conclusions from intra day chart analysis
Following lines were told on 20-06-2015 in "Pull back rally continuation towards Next Resistances":-
strong rally possibility towards following next resistances:-
1- Resistances between 8355-8400
2- Resistances between 8440-8486(strong)
As was told 100% same happened today and Pull back rally remain continued towards above mentioned resistance and closed just below 1st resistance at 8353.10 after intraday highest formation within 1st resistance at 8369.45.
As resistances are lying just above today highest and Very Short Term Indicators are overbought after today strong rally therefore follow up consolidation is firstly required tomorrow for fresh rally and sustaining above mentioned resistances(8486).
As 11 Sessions trading range(7941-8191) broken out after lower levels good consolidations within this range and forcefully crossing of Long Term Trend decider 200 Day EMA(today at 8197) in last 2 sessions therefore once sustaining above 2nd resistance(8440-8486) will mean:-
1- Strong possibility of correction completion at 7940.30 on 12-06-2015.
2- Strong possibility of that rally correction completion which started from 5118.85 on 28-08-2013 and completed at at 9119.20 on 04-03-2015.
Intermediate Term Trend will be up above 8505 and once sustaining above 2nd resistance(8440-8486) will mean all trends turning up confirmations therefore resultant fresh rally will be seen after above life time high(9119.20) after 5 waves correction completion confirmations.
Expected that Nifty will firstly trade and prepare for next big moves between 8340-8505 in the coming sessions and once sustaining beyond this range will decide:-
1- Correction continuation towards or below 7940.30.
2- Fresh rally towards or above 9119.20.
As 11 Sessions trading range(7941-8191) forcefully broken out after lower levels good consolidations within this range therefore expected that Nifty will trade and sustain above 8505 as well as fresh rally will be seen towards and above 9119.20 after follow up consolidation between 8340-8505 in next 2/3 sessions.