Possibility of rally is alive after Follow up Consolidation
Intra Day Chart Analysis & Market Outlook
(20-08-2015)
Nifty-Intra Day Chart (19-Aug-2015):- |
| Just click on chart for its enlarged view |
1- Recovery from lower levels in depressed Global sentiments.
1- Last 4 hours trading with consolidation Patterns between 8478-8520
3- Whole day actual trading between 8426-8520
Conclusions from intra day chart analysis
1- selling between 8506-8525 therefore view will be cautious.
2- if follow up selling develops tomorrow then firstly slipping below today lowest(8433.60)
3- steep fall possibility also can not be ruled out.
As higher levels selling yesterday and all the Asian markets were in Red as well as most were trading more than 1% down therefore sentiment was too much depressed today morning and Nifty firstly slipped below yesterday lowest(8433.60) but follow up selling could not develop and recovery was seen from lower levels in first 2 hours.
Following lines were told on 16-08-2015 in "Finally Rally after follow up consolidation within 33 sessions Trading Range":-
1- 33 sessions sideways market between 8316-8654 and finally sustaining beyond this range will give confirmations to next big Trend
2- Nifty will not easily break last 8 sessions trading range and will trade as well as firstly prepare for next decisive moves within this range in the next 2/3 sessions.
3- rally above 8654 is expected after follow up consolidation because Long and Intermediate Term Trends are up and lower levels very good consolidation was seen in previous months also.
Now 36 sessions sideways trading between 8316-8654 with lower levels consolidation and higher levels resistances and hopes of rally above 8654 boosted after 4 hours sideways trading between 8478-8520 with consolidation Patterns formations today therefore possibility of rally above 36 sessions highest(8654) is alive after follow up consolidation in the coming sessions/next week.