Firstly Watch 3 Resistances for the Life of Today started Pull Back Rally
Intra Day Chart Analysis & Market Outlook
(04-09-2015)
Nifty-Intra Day Chart (03-Sep-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 7788-7811
2- Up moves beginning after strong opening of European markets at 12:30 PM
3- Down moves in Bullish Falling Channel at higher levels of the day
4- Whole day actual trading between 7754-7845
Conclusions from intra day chart analysis
Although some down moves after more than 2 hours selling but fast recovery from lower levels after strong opening of European markets at 12:30 PM therefore today rally will be understood on the back of positive Global cues. As consolidation was also seen at higher levels of the day through Down moves in Bullish Falling Channel patterns therefore today started Pull Back Rally continuation will be seen tomorrow.
Following immediate resistances are lying above today highest:-
1- 7865-7881
2- 7894-7926
3- 7929-7948(Gap Resistance)
Now only Global cues driven rally will be understood and trend reversal will be considered only after sustaining above mentioned resistances. Failing to cross or sustaining above will mean correction continuation below on going correction lowest(7667)
Firstly valid break out of mentioned 3 resistances should be watched in the coming sessions for today started Pull Back Rally continuation or completion.