Finally rally above today highest after follow up consolidation
Intra Day Chart Analysis & Market Outlook
(23-07-2015)
Nifty-Intra Day Chart (22-Jul-2015):- |
| Just click on chart for its enlarged view |
1- Support between 8501-8523(Immediate Supports)
2- Consolidations through Up moves with intraday corrections
3- Mixed Patterns between 8623-8643
4- Whole day actual trading between 8499-8643
Conclusions from intra day chart analysis
When All the Asian markets were trading sufficiently down and Dow's Futures was trading more than 70 points down then gap down opening of Indian markets but firstly lower levels supports and whole day continuous up moves despite weaker opening of European markets and all around Global markets weakness. Certainly Indian markets completely out performed Global cues and it is a strong signal of strength.
Following conclusive lines were told yesterday in "Firstly Watch Next Supports and Crucial Retracement Levels for Correction Completion":-
Next supports of Nifty are as follows:-
1- 8500-8510
2- 8425-8448
3- 8320-8384
As next crucial supports are above 8320 and resistances are below 8634 therefore Nifty will be understood sideways between 8320-8634 and Nifty will prepare for next trend between this range in the coming 2/3 sessions.
Nifty got supports just below above mentioned first support range(8500-8510) at 8498.65 therefore supports between 8500-8523 have become much stronger today because today supports were amid most depressed Global markets sentiments.
Sideways Nifty was told between 8320-8634 and Nifty closed just below 8634 at 8633.50 today with lower levels supports and consolidations therefore once valid break out of 8634 will mean fresh rally after last 4 sessions sideways correction completion.
As firstly more than 1% recovery from lower levels and intraday indicators have turned over bought therefore minor profit booking can not be ruled out in last hour mixed Patterns formations between 8623-8643 and some consolidation is firstly required near about this range for next decisive rally above today highest(8643.90).
As same following view for coming sessions market therefore same lines are being repeated which were updated as final conclusions on 18-07-2015 in "Finally Rally towards and above 8882/9119.20 after 6 Bullish confirmation":-
Although sentiment may remain disturbed in next week but technically Indian markets are well poised for rally continuation after minor correction and volatility despite whatsoever happen in Parliament and performance remains in Quarterly results.
As above mentioned 6 Bullish confirmation therefore as per our view worst is over in Indian Stock Markets and finally strong rally will be seen towards and above 8882/9119.20 in the coming weeks/months.
Expected that finally rally above today highest(8643.90) will be seen after follow up consolidation between and near about 8623-8643