Next Resistances above 8600 require more consolidation for fresh rally
Intra Day Chart Analysis & Market Outlook
(07-08-2015)
Nifty-Intra Day Chart (06-Aug-2015):- |
| Just click on chart for its enlarged view |
1- Minor selling between 8568-8580
2- Support between 8552-8562
3- Volatility in last 2 hours between 8576-8606
4- Whole day actual trading between 8552-8606
Conclusions from intra day chart analysis
Following lines were told on 02-08-2015 in "Rally Continuation after Fresh Consolidation and Minor Intraday Correction":-
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.
Nifty traded within 11 Sessions range(8322-8654) between 8449-8606 in last 4 sessions and today also as such one sided positions formation was also not seen because in first 4 hours lower levels supports and higher levels selling was also seen. As only volatility developed in last more than 2 hours therefore final view can not be formed and valid break out of 8654 should be firstly watched for next up trend confirmations.
Next strong resistances are lying between 8600-9642 and this range will decide the fate of on going rally. As lower levels supports and last 2 hours volatility at higher levels of the day between 8576-8606 was also seen today therefore hopes of fresh rally above 9642/8654 are alive but more consolidation is must in the coming sessions.
"Rally Continuation after Fresh Consolidation and Minor Intraday Correction" named weekly analysis topic was posted on 02-08-2015 and rally was seen after minor correction in last 4 sessions as well as expected that rally will remain continued after follow up consolidation and crossing next resistances(8600-9642)