valid break out of 7425-7640 will produce 5% Nifty moves
Intra Day Chart Analysis & Market Outlook
(15-01-2016)
Nifty-Intra Day Chart (14-Jan-2016):- |
| Just click on chart for its enlarged view |
1- Support between 7444-7491
2- More than 3 hours slow up moves
3- Minor selling between 7572-7604
4- Whole day actual trading between 7444-7604
Conclusions from intra day chart analysis
Following lines were told yesterday in "Sideways Market for Next Big Moves Preparation":-
1- As sufficiently strong both supports and resistances between 7425-7640 therefore expected that Nifty will trade and prepare for next big moves within this range in the next 2/3 sessions.
2- Indian markets will have prepare for next decisive moves between 7425-7640 because following supports and resistances are lying within this range:-
1- Supports between 7425-7458
2- Supports between 7488-7521
3- Resistances between 7552-7606
4- Resistances between 7614-7640
When all the Asian markets were trading in deep Red then following lines were told today at 08:28 AM in "7488 will be strong indication and 7425 will be confirmation of Deeper Correction":-
As 4 hours consolidation between 7488-7521 on 12-01-2016 therefore sustaining below 7488 will be strong indication of deeper correction and confirmation will be below 7425.
Whatsoever were told in previous 2 Outlooks all that was honoured by Indian markets in Following manner today:-
1- Trading range was given between 7425-7640 and Nifty traded whole day within mentioned range between 7443.80-7604.80 today despite all around Global markets weakness and above expectations Infy results.
2- Supports below 7521 and resistances above 7552 were told yesterday and Nifty closed exactly within this 31 points range at 7536.80 today.
3- Although all the Asian markets were deep Red today morning and SGX Nifty was trading more than 100 points down but we gave confirmations levels of 7488 and 7425,Nifty could not sustain below 7488 and closed above it after 160 points recovery from lower levels today.
Although Nifty got good supports at lower levels amid most depressed sentiments but after that up moves were slow which is a selling indication and higher levels selling was also seen therefore finally today trading will not be understood with Mixed patterns formations.
As again lower levels supports and higher levels selling between 7425-7640 today therefore technically same view which was expressed yesterday that still Nifty has to prepare for next big decisive moves and that will be done through sideways trading within 7425-7640 tomorrow.
It is confirm that valid break out of 7425-7640 will produce 5% Nifty moves therefore let market prepare for break out direction then will be updated according to intraday charts patterns formations in the coming sessions Outlooks in the same manner as being done for the last more than 5 years.