Firstly watch next supports amid Negative News Globally crashing like situation
Intra Day Chart Analysis & Market Outlook
(09-07-2015)
Nifty-Intra Day Chart (08-Jul-2015):- |
| Just click on chart for its enlarged view |
1- Firstly higher levels Mixed Patterns formations
2- Consolidation and supports between 8342-8364(Immediate Supports)
3- Follow up consolidation after recovery
4- Slipping in last hour
5- Whole day actual trading between 8342-8457
Conclusions from intra day chart analysis
Although closing near the lower levels of the day after most Bearish Asian cues led huge gap down opening and 1.74% Red closing but selling patterns were not seen today and on the contrary consolidation with lower levels supports were also seen therefore view will not be Bearish because today huge fall was on the back of most negative Chinese news based and not on technical.
If fresh selling develops on the back of such most Bearish news flow and Nifty sustains below today lowest then Nifty will be understood sideways between 7941-8561 and down moves within this range will be considered because that will be confirmation of;-
1- Whipsaw(false signal) of Neckline break out of 31 sessions Inverted Head and Shoulders Bullish Pattern.
2- Whipsaw(false signal) break out of 54 Sessions trading range(7941-8505)
As following positive developments in previous weeks therefore view is not Bearish and still expected that fresh rally will develop in the coming sessions after follow up consolidation:-
1- whole correction from 9119.20 to 7940.30 was with Bullish Flag Pattern formation.
2- Last 14 sessions closing above Long Term Trend decider 200 Day EMA(today at 8222).
As series of negative news flow therefore Globally crashing like situation and all the Asian markets closed from 1.10% to 5.91% down today and now Dow Jones is also in Red by more than 200 points,if such fall is seen in Asian markets tomorrow also then firstly following supports should be watched:-
1- 8300-8325
2- 8196-8261