Just Watch 25 Sessions Trading Range for Big Decisive Moves Confirmations
Intra Day Chart Analysis & Market Outlook
(30-09-2015)
Nifty-Intra Day Chart (29-Sep-2015):- |
| Just click on chart for its enlarged view |
1- 100 Points surge after RBI Credit policy
2- 234 Points intraday rally
3- 100 Points slipping in last hours.
4- Whole day actual trading between 7692-7926
Conclusions from intra day chart analysis
When Dow Jones was trading 300 points down after more than 2% negative closing of all European markets and Indian markets closing near the lower levels of the after loosing 73 points on 28-09-2015 then we were not Bearish and told following lines in "RBI Credit policy is last Hope of Bulls amid All Global Markets Crashing":-
1- Certainly higher levels complete selling was not seen and some consolidation was also seen in first 5 hours sideways trading
2- sustaining below first 5 hours trading range(7832-7890) is must for decisive down moves below today lowest(7787)
3- next trend will be decided according to RBI Credit policy announcements after 11:00 AM which is last hope of Bulls
Following lines were told at on 27-09-2015 in "Next Trend after RBI Credit Policy will get confirmations from 23 Sessions Range":-
1- 50 BPS cut is less expected and its announcement will mean immediate forceful up moves but trend reversal will be considered only after sustaining above 23 sessions trading range highest(8092)
2- Correction is very much in continuation towards its technical targets at 7104/6761 but importance of valid break out of last 23 sessions like long sideways range also can not be ignored because such long time ranges have trend reversal strength also.
3- Certainly last 23 sessions trading range has power to form big trend therefore firstly watch its valid break out in next RBI Credit Policy week for confirmations.
As following reasons still therefore Nifty will be understood range bound within last 25 Sessions range:-
1- Today rally was only RBI Credit Policy news generated and not after intraday complete consolidation
2- Technical positions reverses also during today like news led intraday volatility
Last 25 sessions sideways trading between 7540-8092 with higher levels selling and lower levels consolidations and Correction is on towards its technical targets at 7104/6761 but 25 sessions like long sideways range has trend reversal strength also therefore finally valid break out of mentioned 25 sessions range should be watched for next big decisive moves confirmations.