Finally 8092-8185 will decide Next Big Trend
Intra Day Chart Analysis & Market Outlook
(07-10-2015)
Nifty-Intra Day Chart (06-Oct-2015):-
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in today intraday charts
1- Selling between 8130-8157
2- Down moves in Bullish Falling Channel
3- Consolidation between 8097-8115
4- Selling between 8155-8180
5- Whole day actual trading between 8097-8180
Conclusions from intra day chart analysis
As sentiment was strong today morning because Dow Jones closed more than 300 points up yesterday therefore all the Asian markets were trading with good gains resultant gap up opening of Indian markets but profit booking was also seen in first 2 hours . As Down moves in Bullish Falling Channel with lower levels consolidation was also therefore recovery from lower levels but selling patterns formations at higher levels of the day.
27 Sessions sideways market between 7540-8092 and and this range was forcefully broken out on 05-10-2015 but its technical confirmation is still left which will be after 3% up moves above the top of range(8092) or 3 sessions closing above it. As some selling was also seen today therefore minimum next 2 sessions closing above it with follow up consolidation is also technically required yet.
Short and Intermediate Term trends are up and Long Term Trend is still down which will be up after sustaining above its decider 200 Day EMA(today at 8185). As both consolidation and selling within 8097-8180 therefore expected that Nifty will firstly trade within this range tomorrow.
As complete selling is required for fusing of on going rally therefore until it will not happen in the coming 2/3 sessions till then view will not be Bearish. It is also confirm that once confirmation of sustaining above 8092 will mean high possibility of Long Term Trend turning up after sustaining above 200 Day EMA. Certainly it will result fresh rally above life time high after that 4000 points rally correction completion at 7546 on 07-09-2015 which started from 5118.85 on 28-08-2013 and completed at 9119.20 on 04-03-2015.
Bearish Hanging Man EOD Candle formation with some selling today therefore some down moves within today trading range is expected tomorrow but finally valid break out 8092-8185 should be watched for next big trend confirmations because:-
1- 8092 will give 27 sessions break out confirmation.
2- 8185 will give Long Term Trend confirmation