Firstly Watch 8559-8642 amid expected disrupted Monsoon Session of Parliament
Intra Day Charts Analysis & Market Outlook
(21-07-2015)
Nifty-Intra Day Chart (Jul 17 & Jul 20,2015) |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel on 17-07-2015
2- Support between 8594-8604 on 17-07-2015(Immediate Supports)
3- Up moves in Bearish Rising Channel on 17-07-2015
4- Selling between 8520-8635 on 17-07-2015(Immediate Resistances)
5- Consolidation between 8559-8578 on 20-07-2015(Immediate Supports)
6- 2 Sessions actual trading between 8559-8642
Conclusions from 2 Sessions intra day chart analysis
Detailed analysis of EOD charts with following conclusions were updated on 18-07-2015 in "Finally Rally towards and above 8882/9119.20 after 6 Bullish confirmation":-
1- signals of some down moves and possibility of day's lowest can not be ruled out in the beginning of next week
2- some consolidations and lower levels supports were also seen therefore sustaining below days's lowest after follow up selling is must for next decisive down moves.
3- Short Term Indicators have turned overbought as well as some selling patterns were also seen on last Friday intraday charts therefore very Short Term correction possibility can not be ruled out in the beginning of next week.
4- Parliament session will begin from next Monday and that may be stormy also, negative news flow from there may remain continued as well as many Quarterly results will also be declared in next week therefore volatility may remain high in next week.
As Selling between 8520-8635 with Up moves in Bearish Rising Channel last Friday therefore down moves below last Friday lowest(8593.15) was seen immediately after opening today but lower levels consolidation also developed between 8559-8578 today therefore Nifty will be understood sideways between within last 2 sessions trading range(8559-8642).
Nifty will trade and prepare for next decisive moves between and near about 8559-8642 in the coming sessions therefore sustaining it beyond should be firstly watched under the dark shadow of expected disrupted Monsoon Sessions of Parliament beginning from 21-07-2015 and high volatility also can not be ruled out.