Rally continuation amid Blasting Global Markets Rally
Intra Day Chart Analysis & Market Outlook
(28-08-2015)
Nifty-Intra Day Chart (27-Aug-2015):- |
| Just click on chart for its enlarged view |
1- Support between 7863-7880(Immediate Supports)
2- Support between 7889-7900(Immediate Supports)
3- Consolidation between 7924-7963 in last 2 hours
4- Whole day actual trading between 7863-7963
Conclusions from intra day chart analysis
As Dow Jones closed 619 points up yesterday therefore all blast in all the Asian markets which closed 1% to 5% today and all the European markets also opened gap up resultant strong rally was seen in Indian markets today. Lower levels supports and higher consolidation between 7924-7963 in last 2 hours was also seen today therefore expected that today started rally will remain continued in the coming sessions. Following next resistances are lying above today highest:-
1- 7995-8010
2- 8032-8055
3- 8061-8225(Gap Resistance)
4- 8239-8318
5- 8480-8526(Strong Multiple Resistances)
6- 8605-8656(Strong Multiple Resistances)
Although gap resistance above 8055 but once sustaining above it may result strong rally within this range because that will be confirmation of lower levels consolidation between 7668-8055 amid Global cues led most bearish sentiments.
Sharp fall from 20 Aug to 24 Aug after huge down moves in all the Global markets and now rally continuation after beginning of Global markets blasting rally. Let follow up selling develop and Nifty to face resistances below above mentioned resistances then on going rally completion will be considered.