First Signal of on going Correction Completion
Intra Day Chart Analysis & Market Outlook
(29-07-2015)
Nifty-Intra Day Chart (28-Jul-2015):- |
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1- Whole day down moves in Bullish Falling Channel
2- Whole day actual trading between 8322-8397
Conclusions from intra day chart analysis
Whole day 75 points sideways trading with negative zone closing near the lower levels of the day but as such selling patterns were not seen but on the contrary consolidation patterns were seen through whole day down moves in Bullish Falling Channel therefore Pull back rally possibility can not be ruled out in the next 1/2 sessions after follow up consolidations.
Supports between 8310-8384 was updated on 25-07-2015 in "Firstly Watch 8196-8384 for correction continuation / completion" and Nifty traded most of the time within this range today with intraday consolidation patterns formations therefore mentioned supports range has become stronger and emergence of first signal of that correction completion which started on 23-07-2015 from 8654.75. Once sustaining above 8384 will mean strong signals of correction completion but more consolidation is firstly required for fresh rally above 8654.75 because 7 Sessions most time trading range(8560-8642) was broken down forcefully on 24-07-2015.
Although all the European markets were trading with good gains and Dow's Futures was also more the 70 points up but Indian markets under performed and closed in Red today therefore view is cautious because selling on the back of strong Global cues can not be ruled out and follow up moves with finally valid break out of 8196-8384 will be watched for next trend confirmations