Firstly Watch Next Supports and Crucial Retracement Levels for Correction Completion.
Intra Day Chart Analysis & Market Outlook
(22-07-2015)
Nifty-Intra Day Chart (21-Jul-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8590-8634(Immediate Resistances)
2- Down moves in last hour.
3- Whole day actual trading between 8518-8634
Conclusions from intra day chart analysis
Following conclusive lines were told on 20-07-2015 in "Firstly Watch 8559-8642 amid expected disrupted Monsoon Session of Parliament":-
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
Nifty firstly traded more than 5 hours between and near about 8559-8634 with intraday selling patterns between 8590-8634 and after that slipped below 8559 as well as closed below it.
As more than 5 hours selling between 8590-8634 and selling was seen within this range on 17-07-2015 also therefore this range has become immediate strong resistance and until Nifty will not sustain above 8634 after follow up consolidation till then next up moves will not be considered.
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.
Previous Short term rally started on 10-07-2015 from 8315 and terminated on 21-07-2015 at 8647. Crucial retracement levels of this rally are as follows:-
1- 38.2%-8520
2- 50.0%-8481
3- 61.8%-8441
If Nifty start consolidation and get supports at or near about above mentioned supports and retracement levels then fresh rally will be considered after today started correction completion and 61.8% retracement level(8441) is most crucial because it is lying between above mentioned 2nd supports range.
Short Term Correction is on,above mentioned next supports and crucial retracement levels should be firstly watched now for correction completion.