Next Big Trend Decider is 8196-8384
Intra Day Chart Analysis & Market Outlook
(28-07-2015)
Nifty-Intra Day Chart (27-Jul-2015):- |
| Just click on chart for its enlarged view |
1- 52 Points down in first minute after gap down opening.
2- Whole day down moves
3- Whole day actual trading between 8352-8475
Conclusions from intra day chart analysis
As Punjab Terrorist attack and all the Asian markets in deep Red trading therefore firstly 52 points slipping in first minute after gap down opening and whole day continuous down moves and closing near the lower levels of the day today.
As 7 Sessions most time trading range broken down forcefully on 24-07-2015 therefore following lines were told at 12:35 AM on 25-07-2015 in "Firstly Watch 8196-8384 for correction continuation / completion":-
1- strong signals of correction continuation in the beginning of next week
2- breaking down confirmation is also required through sustaining below 8560 and once this confirmation will mean deeper correction
3- strong signals of correction continuation which may be deeper also.
4- If follow up consolidation develops within or near about 8196-8384 then last Thursday started correction completion will be considered after sustaining above 8384
5- sustaining beyond 8196-8384 should be firstly watched in the coming week for correction continuation/completion.
Sustaining beyond 8196-8384 was told for correction continuation/completion confirmations and Nifty closed within this range today at 8361. As following reasons therefore valid break out of 8196-8384 will decide next big Trend therefore should be firstly watched for confirmations:-
1- Below 8196 will mean more down moves because Long Term Trend turning down confirmations after breaking down confirmation of its decider 200 Day EMA(today at 8257).
2- Above 8384 will mean fresh rally after 714 Points previous rally correction completion near about crucial retracement levels(38.2%,50.0% and 61.8%) which are lying between 8212-8381.