Just Watch valid break out of 8310-8458 for next Trend
Intra Day Chart Analysis & Market Outlook
(31-07-2015)
Nifty-Intra Day Chart (30-Jul-2015):- |
| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel
2- Selling between 8441-8458(Immediate Resistances)
3- Intraday volatility in last 2 hours between 8409-8438
4- Whole day actual trading between 8409-8458
Conclusions from intra day chart analysis
Following lines were told on 28-07-2015 in "First Signal of on going Correction Completion":-
1- Whole day 75 points sideways trading with negative zone closing near the lower levels of the day
2-as such selling patterns were not seen but on the contrary consolidation patterns were seen
3- Pull back rally possibility can not be ruled out in the next 1/2 sessions after follow up consolidations
Following lines were told on 29-07-2015 in "Pull Back rally continuation after follow up consolidation":-
1- Nifty traded whole day within mentioned supports range(8310-8384) today with follow up intraday consolidation patterns formations after yesterday consolidation within this range therefore mentioned supports range has become more stronger.
2- As last 2 sessions good consolidations within previous supports range(8310-8384) therefore strong signals of that correction completion which started on 23-07-2015 from 8654.75.
3- Pull Back rally will remain continued
When Nifty closed near the lower levels of the day on 28-07-2015 then Pull back rally possibility was told in the next 1/2 sessions and following closing was seen in next 2 sessions:-
1- Nifty closed 38 points up on 29-07-2015
2- Nifty closed 47 points up on 30-07-2015
As firstly up moves in Bearish Rising Channel and after that higher levels selling 8441-8458 today therefore this range will be understood immediate Resistances of Nifty and firstly consolidation is required for next decisive up moves above today highest(8458.80).
Certainly good consolidation within previous supports range(8310-8384) in last 2 sessions and this range has become strong supports and until more selling will not develop after today selling till then Nifty will not slip below 8310. In the same manner until more consolidation will not be seen till then Nifty will not sustain above 8458 also therefore Nifty will be understood sideways between 8310-8458 and will firstly prepare for next decisive moves within this range.
As valid break out of 8310-8458 will decide next trend after follow up moves between this range therefore should be firstly watched in the coming sessions and next trend will be decided according to intraday patterns formations within this range.