Confirm Next moves from Levels amid Greek Drama Volatility
Intra Day Chart Analysis & Market Outlook
(02-07-2015)
Nifty-Intra Day Chart (01-Jul-2015):- |
| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel
2- Sufficient intraday corrections
3- Whole day actual trading between 8371-8481
Conclusions from intra day chart analysis
As positive news flow from Greece therefore whole day up moves but in Bearish Rising Channels and sufficient intraday corrections for consolidation were also seen therefore sinals of rally continuation. Last 8 sessions trading between 8196-8423 and Nifty traded more than 3 hours as well as closed above it but follow up consolidation is still required because slipping in last hour from higher levels within next strong resistance range(8440-8486).
As last 3 sessions trading was under the shadow of Greek Drama with high volatility and today up moves were also on the back of following positive news from Greece.
Greece Govt is taking U-Turn also from their today morning proposals and hours after telling Europe he could accept most of the conditions of a bailout he previously rejected, Prime Minister Alexis Tsipras urged Greeks to vote against it. Just click follow topic link for today evening statement on Greece Prime Minister
News based and not technical based volatile market in this week and such uncertainty may be seen in next 2 sessions also because picture will be clear after referendum in Greece on 5th July therefore finally sustaining beyond 8414-8486 should be firstly watched for next immediate moves confirmations:-
1- Above 8486 will mean clearing of last resistance and strong rally after all trends turning up confirmations at 8505.
2- Below 8414 will mean fresh down moves after facing resistance between 8440-8486.
As we are still expecting up moves therefore repeating following conclusions also for next trend confirmations which were updated in previous week:-
Following conclusive lines were told on 25-06-2015 in "Fresh Rally Expectations from Next Week":-
As per our view Indian markets are well prepared for fresh rally and only negative news from Greece may create a hurdle but even though we are expecting that finally as such negative news will not come from Greece and fresh rally will be seen above 8486/8505 in next week.
Following conclusive lines were told on 26-06-2015 in "Rally continuation towards Life Time High after Bullish Pattern formations":-
As Whole correction in Bullish Flag Pattern formation , Falling Trend line of correction also broken out in previous week and last 2 sessions good intraday consolidations therefore expected that on going rally will remain continued above 8505 in the coming week but after fresh follow up consolidations because strong resistances are lying between 8440-8486