Finally up moves above today highest(7094.60)
Intra Day Chart Analysis & Market Outlook
(01-03-2016)
Nifty-Intra Day Chart (29-Feb-2016):- |
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1- High volatility
2- Down moves in Bullish Falling Channel during last Hours between 6970-7094
3- Whole day actual trading between 6826-7094
Nifty-Intra Day Chart (Feb 24 to Feb 29,2016):-
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1- Previous 3 sessions trading between 6962-7090
2- Today last 2 Hours Down moves in Bullish Falling Channel between 6970-7094
Conclusions from 4 Sessions intra day chart analysis
Although high volatility today but as such selling patterns formations were not seen despite 42.70 points down closing but on the contrary Down moves in Bullish Falling Channel during last 2 Hours therefore Short Term up moves expectations are still alive. As following factors therefore some volatility between 6869-7252 may be seen in the coming sessions:-
1- Opposition parties may disrupt parliament on privilege motion against Smriti Irani issue which will certainly hamper sentiment of Indian Stock markets.
2- Certainly Long Term correction is very much on and no confirmation of its completion yet and higher levels multiple resistances up to 7252 therefore more consolidation is required for correction completion.
As per our view Indian markets are in consolidation phase after last 1 year correction and it will take its own complete time in the same manner as happened after 2008 correction that Nifty remained sideways for 5 months within 998 points between 2253-3241 from 27-10-2008 to 02-04-2009. 5 months trading range broken out after closing above 3241 on 02-04-2009 which made 9119.20 on 04-03-2015.
Last 14 sessions most time trading between 6869-7252 and today closing within it after intraday lowest below it at 6826 and at present Nifty will be understood sideways within it,valid break out of this range will confirm Intermediate Term Trend. As Both lower levels supports and higher levels selling between 6869-7252 therefore market has to prepare for next decisive moves within this range.
Previous 3 sessions trading between 6962-7090 and today closing near the lower levels of this range but last 2 Hours today Down moves(6970-7094) within this range in Bullish Falling Channel which is a consolidation pattern therefore finally up moves are expected above today highest(7094.60) in the coming 2/3 sessions after some more follow up consolidation but first indication of last 1 year correction completion will be after sustaining above 7252.