Firstly watch valid break out of 8448-8563
Intra Day Chart Analysis & Market Outlook
(05-08-2015)
Nifty-Intra Day Chart (04-Aug-2015):- |
| Just click on chart for its enlarged view |
1- Whole day only high Volatility
2- Whole day actual trading between 8448-8565
Conclusions from intra day chart analysis
1- Certainly emergence of Very Short Term correction possibility
2- some up moves within and above today actual trading range(8528-8563)
3- amid intraday high volatility tomorrow.
As was told 100% same happened in following manner today:-
1- Very Short Term correction was seen and Nifty traded 95 points down as well as closed 26 points negative today.
2- Some up moves within and above yesterday trading range(8528-8563) with today highest formation at 8565.15
3- High intraday volatility is clear from above intraday chart of today.
As whole day only high Volatility and as such no positions formations therefore no conclusions can be drawn from today intraday charts because technical positions reverses and changes fast during such high volatility.
Following lines wee told on 02-08-2015 in "Rally Continuation after Fresh Consolidation and Minor Intraday Correction" and being repeated today for future guidance:-
11 Sessions actual trading between 8322-8654 with lower levels good consolidations and higher levels equally good selling also therefore Nifty will not easily crossed this range and will trade as well as prepare for next trend within this range in the next minimum 2/3 sessions.
As selling below 8563 yesterday and strong recovery from 8448 today therefore Nifty will firstly trade and prepare for next decisive moves between 8448-8563 tomorrow and valid break out of this range should be firstly watched in the coming sessions.