Rally Continuation Expectations towards 8146
Technical Analysis,Research & Weekly Outlook
(Nov 23 to Nov 27,2015)
Nifty-Intra Day Chart (Nov 12 to Nov 20,2015):- |
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1- 6 Sessions most time trading between 7724-7852
2- 6 Sessions trading range broken out forcefully on 20-11-2015 but closing within it after slipping in last hour.
Conclusions from 7 Sessions intra day chart analysis
6 Sessions most time trading between 7724-7852 and this range forcefully broken out on 20-11-2015 but could not sustain at higher levels and closing within 6 sessions range therefore technically sustaining above last 6 sessions highest(7852) is firstly required for the confirmation of fresh rally after valid break out of 6 sessions sideways range.
Nifty-Intra Day Chart (20-Nov-2015):-
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1- Consolidation in first hour between 7818-7837
2- More than 3 hours onsolidation Patterns between 7881-7906
3- 36 Points sharp fall in 3 minutes
4- Down moves in Bullish Falling Channel in last hour
5- Whole day actual trading between 7818-7906
Conclusions from intra day chart analysis
Although 36 Points sharp fall in 3 minutes during last hours of trading on 20-11-2015 but it will be understood a part of consolidation process because as such no selling patterns were seen. As whole day above mentioned consolidation patterns formations therefore strong signals of fresh up moves above day's highest(7906) after following up consolidation within previous session trading range(7818-7906)
Conclusions (After Putting All Studies Together)
Detailed analysis of EOD charts have already been updated in following previous week analysis topic on 14-11-2015:-
Firstly Up moves Expectations amid On Going Correction
As no material change in EOD charts formations in previous week therefore in its continuation following intraday charts analysis is being updated to understand next week moves:-
All trends are down during on going correction and no confirmation of its completion yet but following strong signals of Pull Back Rally in next week because:-
1- Rounding bottom(Bullish Pattern) formations in last 9 sessions EOD charts
2- Good intraday consolidation at lower levels in last 9 sessions and as such selling patterns not seen.
3- Previous 6 Sessions most time trading range(7724-7852) broken out last Friday with intraday consolidation patterns formations despite slipping from higher levels in last hours.
Next 3 resistances of Nifty are as follows:-
1- 8070-8152
2- 8196-8232
3- 8262-8325
Long Term Trend decider 200 Day EMA is today at 8146 and and rally continuation is expected up to this levels. Once sustaining above it will mean clearing of above mentioned first resistance also which will be strong signal of fresh rally after all trends turning up confirmations.