Rally continuation after Bullish patterns broken out and all Trends turning up Confirmations
Intra Day Chart Analysis & Market Outlook
(17-07-2015)
Nifty-Intra Day Chart (16-Jul-2015):- |
| Just click on chart for its enlarged view |
1- Consolidation Patterns between 8563-8574
2- Up moves with intraday consolidations
3- Whole day actual trading between 9543-8616
Conclusions from intra day chart analysis
As following positive news flow today therefore whole day rally continuation after positive opening today:-.
1- Greece parliament to vote on bailout amid brewing Syriza revolt
2- Cabinet Approves Simplification of Foreign Investment Norms
As Positive news from Greece and all the Asian markets except Taiwan closed in Green as well as Dow Futures traded whole day more than 40 points up therefore sentiment boosted today morning and resultant positive zone trading was seen after Green opening of Indian markets today. Most European markets also traded more than 1% up after positive opening therefore sentiment remained strong and whole day rally continuation today.
Today closing has given following patterns break out and trends all trends turning up confirmations:-
1- Inverse Head and Shoulders broken out on confirmation.
2- Falling Trend Line of correction broken out confirmation.
3- The correction which started from 9119.20 on 04-03-2015 was in Bullish Flag Pattern which has been broken out and sustaining above confirmation.
4- Long Term Trend turning up confirmation after sustaining above Long Term Trend decider 200 Day EMA(today at 8236).
5- Intermediate Term Trend turning up confirmation after sustaining above 8505.
As Bullish patterns broken out and all trends turning up confirmations today therefore rally continuation will be seen in the coming sessions but very Short Term indicators are overbought and some intraday correction with high volatility may be seen any day which may provide lower levels buying opportunity also after follow up consolidations.