Rally above today highest(8136.85) after follow up consolidations
Intra Day Chart Analysis & Market Outlook
(18-06-2015)
Nifty-Intra Day Chart (17-Jun-2015):- |
| Just click on chart for its enlarged view |
1- Consolidation between 8048-8077
2- Selling between 8106-8136
3- Whole day actual trading between 8048-8136
Conclusions from intra day chart analysis
It was expected that Nifty will prepare today for post FOMC decisive moves between and near about 7953-8061 and forceful moves beyond 7941-8057 will be seen after FOMC announcements on 18th June but good up moves were seen after first 4 hours lower levels consolidation today.
As more than 24 hours trading between 7941-8057 in last 4 sessions with lower levels good consolidation therefore following conclusive moves were updated yesterday in "17th June will be Post FOMC forceful Moves preparation Day":-
if selling does not develop tomorrow then strong rally will begin on the 18th June despite whatsoever announcements from FOMC on 17th night.
Rally was expected on 18th June after FOMC but it was seen today and finally technical positions of last 5 sessions have developed as follows:-
1- Consolidation between 7941-8006 from 11-06-2015 to 16-06-2015
2- Consolidation between 8048-8077 on 17-06-2015
3- Selling between 8106-8136 on 17-06-2015
As good consolidation at lower levels in last 5 sessions and selling also at higher levels today therefore consolidation is firstly required between and near about today trading range(8048-8136) but finally rally above today highest(8,136.85) is still expected in the coming sessions despite following negative developments:-
1- FII selling by 940.91 Cr in Indian markets today
2- All European markets closing in Red today.
3- US markets trading in negative zone at this moment.