Just Watch Crucial levels for Next Big Trend amid Greek Drama
Intra Day Chart Analysis & Market Outlook
(30-06-2015)
Nifty-Intra Day Chart (29-Jun-2015):- |
| Just click on chart for its enlarged view |
1- Support between 8196-8261(Immediate Supports)
2- Consolidation Patterns between 8303-8329
3- Whole day actual trading between 8195-8329
Conclusions from intra day chart analysis
Following lines were told today at 06:40 AM in "Greece debt crisis & Asian markets crashed ":-
Next supports are lying between 8196-8251 and sustaining it beyond will decide the impact of Greece Crisis on Indian markets and next trend as well.
Supports were told above 8196 and today lowest formations at 8195.65 as well as follow up supports between 8196-8261 today therefore today this supports range has developed as strong supports. Last 5 sessions trading between 8196-8423 with both consolidation and selling patterns formations within this range as well as next resistances between 8440-8486 are also lying just above 8423 therefore more consolidation will be firstly required for fresh rally 8486 and next big trend will be decided through sustaining beyond 8196-8486.
As Greece debt crisis led high uncertainty and all the global markets trembled today as well as settling down is firstly required therefore view is cautious and follow up moves will be firstly watched in the coming sessions and if follow up consolidation develops then rally above 8423/8486 will be considered.
As consolidation Patterns formations also between 8303-8329 in last hour today therefore sustaining beyond this range should be firstly watched tomorrow for next trend first indication. As support between 8196-8261 has developed strong therefore until complete selling will not develop till then Nifty will not slip below 8196 and it should be kept in mind that once sustaining below 8196 will mean deeper correction. If finally Nifty survives above 8196 amid such high Global crashing markets then strong rally is confirm above 8423/8486/8505 after all trend turning up confirmations.
As Greece is showing rigid attitude and situation is worsening therefore view is cautious and follow up moves with sustaining beyond following crucial levels will decide next big trend and should be firstly watched tomorrow:-
1- 8303-8329(first indication)
2- 8196-8423 (confirmation)