Firstly Watch 8557-8654 for the Life,Length of Depth of today Started Correction
Intra Day Chart Analysis & Market Outlook
(24-07-2015)
Nifty-Intra Day Chart (23-Jul-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8630-8654(Immediate Resistances)
2- Minor selling after intraday recovery
3- Consolidation between 8591-8610(Immediate Supports)
4- Consolidation between 8574-8600(Immediate Supports)
5- Whole day down moves in Bullish Falling Channel
6- Whole day actual trading between 8574-8654
Conclusions from intra day chart analysis
As soon selling developed then following lines were told today at 11:39 AM in "Mid-session Outlook(23-07-2015)":-
Following conclusive lines were told yesterday in "Finally rally above today highest after follow up consolidation":-
Expected that finally rally above today highest(8643.90) will be seen after follow up consolidation between and near about 8623-8643
Nifty traded most time in first 2 hours within above mentioned range with selling patterns formations and follow up consolidation was not seen therefore some down moves within yesterday trading range(8499-8643) will be firstly seen.
As first 2 hours good selling between 8630-8654 therefore Nifty could not move above this range in next 2 up moves attempts and slipped after minor selling but lower levels consolidation was also seen therefore today trading between 8574-8654 will be understood with mixed patterns formations and fresh technical positions formations are firstly for decisive moves beyond today trading range.
Although negative zone today closing near the lower levels of the day but Whole day today down moves were in Bullish Falling Channel therefore view will not be Bearish until follow up selling will not develop in the coming sessions.
Today down moves were the correction of strong rally of 22-07-2015 and immediate retracement levels of today started correction are shown in following intraday chart of last 2 sessions:-
Retracement levels of last 2 sessions moves:-
 |
| Just click on chart for its enlarged view |
As 61.8% Retracement level is at 8557 therefore valid break out of 8557-8654 should be firstly watched in the coming sessions for the life,length of depth of today started correction.