Sideways market ahead for Post Budget big moves Preparation
Intra Day Chart Analysis & Market Outlook
(19-02-2016)
Nifty-Intra Day Chart (18-Feb-2016):- |
| Just click on chart for its enlarged view |
1- Distribution Patterns between 7180-7215
2- Support between 7128-7162
3- Whole day actual trading between 7128-7215
Conclusions from intra day chart analysis
Although Nifty closed 114 points down with Bearish Engulfing Candle formation on 16-02-2016 but we were not Bearish but Bullish therefore told following lines at 12:03 AM on 17-02-2016 in "Some Up moves Expectations within Sideways Market":-
1- Nifty slipped and also closed well below 7141 today but as such selling patterns were not seen
2- today closing is also near the lower levels of the day but view will not be Bearish
3- some up moves are expected tomorrow but decisive up moves will seen above 7185.
As was told 100% same happened in last 2 sessions and Nifty gained 167 points in last 2 sessions after our above Outlook at 12:03 AM on 17-02-2016.
Pull Back rally is on but some selling was seen at higher levels today but equally good consolidation was also seen at lower levels therefore today trading will be understood with Mixed patterns formations and expected that Nifty will firstly trade and prepare for next trend near about today trading range(7128-7215) if huge one sided moves does not appear in Global markets.
Following resistances have been posted many times in previous Outlooks:-
1- 7220-7321
2- 7480-7512
Although strong gap up opening today but Nifty could not test above mentioned 1st resistance range and selling was also seen just below it today therefore if follow up selling develops tomorrow then decisive down moves will be seen towards following next supports:-
1- 6865-7025
2- 6869-6945
As lower levels good supports and higher levels selling between 6869-7321 therefore at present Nifty will be understood sideways within this range and Nifty will trade as well as prepare for Post Budget big moves within this range. Although finally sustaining beyond 6869-7321 will decide next big moves confirmations but its first indication will be from 7128-7215 therefore should be firstly watched in the coming 2/3 sessions.