Next Short Term Trend Confirmation through 7242-7640
Technical Analysis,Research & Weekly Outlook
(Jan 25 to Jan 29,2016)
Nifty-Intra Day Chart (Jan 18 to Jan 22,2016):- |
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1- Last 5 Sessions actual trading between 7242-7462
2- Higher levels some selling patterns and lower levels some buying patterns in last 5 sessions.
Conclusions from 5 Sessions intra day chart analysis
Last 5 sessions actual trading between 7242-7462 with higher levels some selling and lower levels some buying therefore valid break out of this range will generate next decisive moves.
Intra Day Chart Analysis(25-01-2016)
Nifty-Intra Day Chart (22-Jan-2016):-
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| Just click on chart for its enlarged view |
1- First 2 hours slow up moves
2- Last 4 hours up moves in Broadening Pattern
3- Whole day actual trading between 7328-7433
Conclusions from intra day chart analysis
Although strong opening and whole continuous up moves but first 2 hours up moves were slow which is a selling indication and last 4 hours up moves in Broadening Pattern which is a reversal pattern therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about last Friday trading range(7328-7433) as well as possibility of some intraday volatility can not be ruled out.
Conclusions (After Putting All Studies Together)
18 Months 4000 points strong rally from 28-08-2013(5118.85) to 04-03-2015(9119.20) and now its corrective Wave-'C' of 'ABC' correction continuation with recent bottom formation at 7241.50 on 20-01-2016 and no confirmation of its completion yet.
Last 5 sessions trading between 7242-7462 and following next resistances are lying just above it:-
1- Resistances between 7504-7562
2- Resistances between 7552-7606
3- Resistances between 7614-7640
As little better supports at lower levels in previous week therefore Nifty will not easily sustain below previous week lowest and expected that Nifty will trade first 2/3 sessions between 7242-7640 for following next Short Term Trend:-
1- Slipping below 7242 will mean correction continuation towards 7104/6761.
2- Sustaining above 7640 will mean first indication of on going big correction completion and confirmation of strong Pull Back Rally.