Valid break out 7826-7877 will be next trend first strong indication
Intra Day Chart Analysis & Market Outlook
(24-11-2015)
Nifty-Intra Day Chart (23-Nov-2015):- |
| Just click on chart for its enlarged view |
1- Selling patterns formations between 7865-7877
2- Support between 7826-7843
3- Whole day actual trading between 7826-7877
Conclusions from intra day chart analysis
When Nifty was trading in Green then following lines were told today at 12:47 PM "Mid-session Outlook(23-11-2015)":-
1- most time positive zone trading since opening today and now also Nifty is in Green
2- some selling patterns formations also seen between 7865-7877
3- firstly valid break out of 7877 should be watched now
As selling was seen between 7865-7877 in first 3 hours therefore valid break out of 7877 was told for watching and Nifty could not moves above it whole day as well as closed below mentioned selling range.
6 Sessions most time trading range(7724-7852) broken out last Friday but not sustaining above it and today closing within this range at 7849.25. 3 Strong signals of Pull Back Rally were updated yesterday in "Rally Continuation Expectations towards 8146" and still its hopes are alive but higher levels selling was also seen today therefore follow up consolidation is also required for rally continuation after sustaining above today highest(7877) because no confirmation of on going that correction completion which started on 26-10-2015 from 8336.30.
As some intraday supports were also seen at lower levels after higher levels selling today therefore Mixed intraday patterns formations will be understood for today and Nifty will have to prepare for next decisive moves within and near about today trading range(7826-7877),its valid break out will be next trend first strong indication and should be firstly watched tomorrow.