Just watch valid break out of Rising Channel for next trend confirmation after FOMC meet
Intra Day Chart Analysis & Market Outlook
(18-09-2015)
Nifty-Intra Day Chart (Sep 09 to Sep 16,2015):-
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1- Rising Channel formations
2- Lower levels buying within channel
3- Higher levels selling within channel
Nifty-Intra Day Chart (16-Sep-2015):-
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1- Down moves in Bullish Falling Channel
2- Support between 7854-7872
3- Up moves in Bearish Rising Channel
4- Selling between 7900-7913
5- Whole day actual trading between 7854-7913
Conclusions from intra day charts analysis
Last 6 sessions trading within Rising Channel with lower levels buying and higher levels selling therefore view will not be Bullish despite blasting global markets rally today and now DOW Jones trading more than 100 points up on less possibility of Interest rates hike by FOMC on 17-09-2015. Usually Rising Channels are understood Bearish formation and until Nifty will not sustain above upper Rising line till then view will not be Bullish.
As some higher levels selling was also seen after lower levels supports today therefore if Nifty fails to sustain above today highest then sharp fall will be seen and confirmation will be valid break down of lower Rising line of Rising Channel.
If no rates hike tomorrow then high volatility after strong opening will be seen and sharp fall is confirm in the situation of rates hike and just watch valid break out Rising Channel for next trend confirmation after FOMC meet but our view is not Bullish despite Global markets strong rally today.