4 Indications of Pull back rally correction beginning
Intra Day Chart Analysis & Market Outlook
(01-01-2016)
Nifty-Intra Day Chart (31-Dec-2015):- |
| Just click on chart for its enlarged view |
1- Mixed Patterns between 7892-7915
2- Sharp up in last half hour
3- Whole day actual trading between 7892-7955
Conclusions from intra day chart analysis
Although more than 4 hours sideways trading with mixed Patterns formations but sharp up moves in last half hour. As per our view today up moves may be by mutual funds to maintain and increase their NAVs on the last day of the year.
As yesterday down moves were after mixed Patterns formations and today up moves were also after mixed Patterns formations therefore last 2 sessions trading will be understood only highly volatile and not technical positions generated.
Pull Back rally continuation but following indications are suggesting beginning of its correction;-
1- Short Term Oscillators have turned overbought
2- Volatility has increased which is an indication of correction.
3- Mixed Patterns formations in last 2 sessions.
4- Failing to cross next resistance(7953-7968)