Pull Back rally continuation expectations
Intra Day Chart Analysis & Market Outlook
(30-12-2015)
Nifty-Intra Day Chart (29-Dec-2015):- |
| Just click on chart for its enlarged view |
1- Consolidation Patterns between 7925-7942
2- Consolidation Patterns between 7903-7911
3- Consolidation Patterns between 7921-7938
4- Whole day actual trading between 7903-7942
Conclusions from intra day chart analysis
As selling between 6893-7916 yesterday therefore very short term correction was expected and it was seen through slipping from intraday higher levels. Fresh consolidation was seen within yesterday selling range(6893-7916) between 7903-7911 today and then recovery from lower levels as well as closing near the higher levels of the day today.
As intraday consolidation patterns formation within yesterday selling range today therefore on going Pull Back rally continuation is expected towards Long Term Trend decider 200-Day EMA(today at 8071).