Next Trend after RBI Credit Policy will get confirmations from 23 Sessions Range
Technical Analysis,Research & Weekly Outlook
(Sep 28 to Oct 01,2015)
Nifty-Intra Day Chart (Aug 24 to Sep 24,2015):- |
| Just click on chart for its enlarged view |
1- 165 Points gap down opening on 24-08-2015
2- 23 Sessions actual trading between 7540-8092 from 24-08-2015 to 24-09-2015 with higher levels selling and lower levels consolidations
Conclusions from 23 Sessions intra day chart analysis
Last 23 Sessions sideways market between 7540-8092 after huge 165 points gap (8060-5225) down opening on 24-08-2015 with higher levels selling and lower levels consolidations and last Friday closing at almost middle of this range. As both sufficiently good selling at higher levels and equally good consolidations at lower levels also therefore market require some more technical positions formations for next decisive moves beyond this range.
Expected that Nifty will firstly trade next 2/3 sessions between 7540-8092 and prepare for next big trend within this range because valid break of this 23 Sessions trading range will certainly produce blasting moves beyond this range.
Intra Day Chart Analysis(24-09-2015)
Nifty-Intra Day Chart (24-Sep-2015):-
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| Just click on chart for its enlarged view |
1- Consolidation between 7804-7833(Immediate Supports)
2- Consolidation Patterns formations in last hours between 7864-7894
3- Whole day actual trading between 7804-7894
Conclusions from intra day chart analysis
As up moves after lower levels consolidations and follow up consolidation patterns formations also at higher levels of the day therefore firstly some up moves are expected in the beginning of next week.
Conclusions (After Putting All Studies Together)
As detailed analysis of EOD charts have already been updated in previous weeks Weekly analysis and no material changes in previous week therefore not being posted in this week but will be considered for drawing final conclusions. Just click following previous Weekly analysis topics links for EOD charts ready references:-
1- Just watch 7691 for on fresh Down Moves beginning towards 7104/6761(Sep 21 to Sep 24,2015)
2- Finally correction continuation towards 7104/6761(Sep 14 to Sep 18,2015)
Trends of Nifty are as follows:-
1- Long Term Trend is down
2- Intermediate Term Trend is sideways between 7540-8092
3- Short Term Trend is sideways
RBI Credit Policy will be announced on 29-09-2015 and Nifty will remain volatile till then but following decisive moves will be seen after following changes in rates:-
1- 25 BPS cut is very much expected but priced in and finally down moves will be seen after initial volatility.
2- 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)
Expected that Nifty will firstly prepare next Monday for post Credit Policy trend but follow up consolidation is must after last Friday consolidation for next decisive moves above 8092 because good selling below it was also seen in last 23 sessions.
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.
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.