Correction Continuation
Intra Day Chart Analysis & Market Outlook
(26-08-2015)
Nifty-Intra Day Chart (25-Aug-2015):- |
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1- Positive opening after strong Asian markets and Dow's Futures
2- Down moves after Hang Seng,Nikkei 225 and Dow's Futures slipping in Mid Session
3- Up moves after Hang Seng and Dow's Futures strong recovery and strong opening of European markets.
4- Whole day actual trading between 7668-7925
Conclusions from intra day chart analysis
Whole day only Global markets led high volatility and as such no technical position formations to suggest any side decisive moves. Although Nifty closed 0.92% up at the higher levels of the day but due to European markets strong trading and Dow's Futures trading more than 500 points up therefore until Nifty will not sustain above today highest till then next rally will not be considered.
Immediate resistances of Nifty are as follows:-
1- 7995-8010
2- 8032-8055
3- 8061-8225(Gap Resistance)
Nifty require complete consolidation for crossing above resistances,let it happen then correction completion will be considered otherwise correction continuation will be seen within today trading range and high possibility of slipping below today lowest(7668).