Pull Back Rally Expectations amid High Volatility
Intra Day Chart Analysis & Market Outlook
(26-02-2016)
Nifty-Intra Day Chart (25-Feb-2016):- |
| Just click on chart for its enlarged view |
1- Mixed Patterns between 6998-7028
2- Down moves in Bullish Falling Channels
3- Mixed Patterns between 6980-7008
4- Whole day actual trading between 6962-7028
Conclusions from intra day chart analysis
Following line was told yesterday in "Firstly Watch valid 6965-7090"
Firstly Watch valid break out of 6965-7090 tomorrow for first signal of Post Budget decisive moves.
Although Nifty slipped below but closed within this range after lowest formation at 6961.40 therefore 6965 breaking down confirmation is still left and firstly sustaining beyond 6965 should be watched tomorrow for first strong signal of post Budget one sided decisive moves.
Although Nifty closed near the lower levels of the day after whole day slipping from higher levels today but as such selling patterns were not seen but on the contrary consolidation through down moves in Bullish Falling Channel were also seen therefore strong signals of Indian markets entering into consolidation phase because consolidation patterns were seen yesterday also.
As some consolidation in last 2 sessions therefore if follow up consolidation develops tomorrow also then minimum a Pull Back Rally will be seen after Union Budget on 29-02-2016 and we are expecting it also but market may be highly volatile in next 2 sessions because:-
1- Bottom of on going correction has not been confirmed yet.
2- No confirmation of on going correction completion yet.
3- News flow during and before Budget.
4- Uncertain and highly Global markets for the last 1 month.
Pull Back Rally is expected after follow up consolidation amid High volatility and finally next Short Term Trend confirmation will be sustaining beyond 6869-6965