Last 3 Sessions Trading Range will decide next Short Term Trend
Intra Day Chart Analysis & Market Outlook
(29-01-2016)
Nifty-Intra Day Chart (28-Jan-2016):- |
| Just click on chart for its enlarged view |
1- 4 Hours consolidation between 7424-7447
2- Up moves in Bearish Rising Channel
3- Sharp fall in last hour
4- Whole day actual trading between 7410-7468
Conclusions from intra day chart analysis
Firstly 4 Hours good consolidation between 7424-7447 but after that sharp fall in last hour today because:-
1- Selling was seen above 7447 between 7450-7465 and 7468-7487 on 25-01-2016 and more consolidation was required for sustaining above 7447.
2- Up moves above 7447 were in Bearish Rising Channel.
Last 3 sessions sideways trading within 77 points between 7410-7487 with lower levels good supports and higher levels equally good selling also. Although today closing is near the lower levels of the day after last hour sharp fall but good consolidation was also seen above 7424 today therefore sustaining below it is must after follow up selling for fresh down moves.
Certainly correction is on and no confirmation its completion yet and sustaining beyond last 3 sessions trading range(7410-7487) will decide next Short Term Trend in following manner:-
1- Sustaining below 7410 will mean correction continuation towards 7242
2- Sustaining above 7487 will mean first indication of strong Pull Back Rally but confirmation will be after sustaining above following next resistances:-
A- Resistances between 7504-7562
B- Resistances between 7552-7606
C- Resistances between 7614-7640