Some Up moves Expectations within Sideways Market
Intra Day Chart Analysis & Market Outlook
(17-02-2016)
Nifty-Intra Day Chart (16-Feb-2016):- |
| Just click on chart for its enlarged view |
1- 4 Hours Mixed Patterns between 7101-7185
2- Down moves in Bullish Falling Channel in last 2 hours
3- Whole day actual trading between 7038-7204
Conclusions from intra day chart analysis
Although Rally continuation was expected but signals of weakness emerged immediately after opening today therefore we were cautious and told following conclusive line at 09:34 AM today in "Live Proofs of Today market 100% Accurate Predictions":-
Valid break out of 7141-7182 should be firstly watched now for next decisive moves.
Nifty slipped and also closed well below 7141 today but as such selling patterns were not seen and again 4 Hours trading with Mixed Patterns between 7101-7185 today.
It is clear that 8 Hours trading with Mixed Patterns formations between 7101-7185 in last 2 sessions and this range was broken down and today closing is also near the lower levels of the day but view will not be Bearish because last 2 hours down moves were in Bullish Falling Channel today therefore it seems that consolidation process has been started after last 11 months correction. As such long correction therefore as such good consolidation is also required for trend reversal in the same manner as happened from Oct 2008 to March 2009 after 10 months correction in 2008.
As Down moves in Bullish Falling Channel in last 2 hours after 8 Hours trading with Mixed Patterns formations therefore some up moves are expected tomorrow but decisive up moves will seen above 7185. It should be kept in mind that at present Nifty is sideways between 6869-7321 and finally sustaining beyond this range will decide next trend.