Pull Back Rally within Sideways Market between 8201-8489
Intra Day Chart Analysis & Market Outlook
(03-06-2015)
Nifty-Intra Day Chart (02-Jun-2015):- |
| Just click on chart for its enlarged view |
1- Volatility after 25 BPS rates cut by RBI.
2- Down moves in Bullish Falling Channel after RBI rates cut.
3- Down moves in Bullish Falling Channel in last more than 3 hours.
4- Whole day actual trading between 8227-8445
Conclusions from intra day chart analysis
Although we were expecting Rally above 8467/8489 after Repo Rates cut by 50 BPS to 100 BPS today but well prepared also for down moves if rate are cut by 25 BPS therefore we told following line yesterday;-
1- 25 BPS rate cut is confirm and discounted in present rates also therefore if it is announced then market will fall.
Firstly volatility after 25 BPS rate cut and after that Huge fall was seen today but all the down moves were seen in Bullish Falling Channel therefore expected that Pull Back Rally will be seen in the coming sessions.
Weekly Analysis topic with Crucial levels were updated on 23-05-2015 in "Firstly Short Term Correction but Sideways Trading between 8201-8489 in Next Week":-
Nifty traded between 8201-8489 in last 7 sessions with lower levels good supports therefore Nifty could not slip below 8201 despite huge fall today.
As almost 4 hours today down moves were in Bullish Falling Channel therefore Pull Back rally is expected tomorrow and still Nifty will be understood sideways Trading between 8201-8489 and next trend will be decided through sustaining beyond 8201-8489.