Sideways Market for Next Trend Preparation
Intra Day Chart Analysis & Market Outlook
(20-01-2016)
Nifty-Intra Day Chart (19-Jan-2016):-Intra Day Chart Analysis & Market Outlook
(20-01-2016)
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1- Consolidation between 7365-7378
2- Up moves with intraday consolidation
3- Minor selling between 7438-7462
4- Consolidation between 6409-6424
5- Whole day actual trading between 7365-7462
Conclusions from intra day chart analysis
As whole day good intraday consolidation patterns formations yesterday therefore we were Bullish and told for Pull Back rally or Bounce back possibility in following topic yesterday despite closing was near the lower levels of the day yesterday:-
111 Points bounce back was seen with 84.10 points positive closing today
Although good intraday consolidation patterns formations today but minor selling patterns were also seen at the higher levels of the day therefore follow up consolidation is firstly required for decisive up moves towards following next resistances:-
1- Resistances between 7504-7562
2- Resistances between 7552-7606
3- Resistances between 7614-7640
As continuous resistances between 7504-7640 therefore market has to consolidate completely for sustaining above 7640 and trend reversal strong signal as well.
Expected that Nifty will trade and prepare for next decisive moves between 7337-7562 in the coming 1/2 sessions.Let market prepare for next direction then will be updated according to intraday charts patterns formations in the coming sessions Outlooks,as being done for the last more than 5 years.