Firstly Watch 7444-7512 for Next Decisive Moves in Next Week
Technical Analysis,Research & Weekly Outlook
(Mar 08 to Mar 11,2016)
Nifty-Intra Day Chart (04-03-2016):- |
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1- Selling range 7470-7488
2- High volatility in last hours
3- Whole day actual trading between 7444-7505
Conclusions from intra day chart analysis
As next resistances above today highest were between 7480-7512 and some selling was seen just below and within this range today therefore Nifty could not move above 7512 and also closed within today selling range(7470-7488) at 7485.35 today. As some selling patterns today therefore on this base only very Short Term correction beginning will be considered because any big down moves can not be seen after such one day minor selling.
As high intraday volatility was also seen in last hours today and technical positions reverses during such volatility as well as only minor selling was seen today therefore it will be safer to get confirmation through valid break out of Crucial Levels because finally today intraday trading will be understood with Mixed Patterns formations not one sided.
Resistance between 7480-7512 have been updated 4 times after 23-06-2016 and Nifty traded as well as closed between this range after some follow up selling within and below this range today. As high volatility was also seen above today lowest(7444) which may have changed intraday technical positions therefore if there will not be any big news or any big Global markets moves next Monday then Nifty will firstly trade and prepare for next decisive moves within or near about 7444-7512 in the beginning of next week as well as valid break out of this range will decide following next decisive moves:-
1- Above 7512 will mean post Budget Pull Back Rally continuation towards next resistances(7556-7600).
2- Below 7444 will mean very Short Term correction of post Budget rally beginning towards following retracement levels:-
Retracement Levels of Post Budget Pull Back Rally
Nifty-EOD Chart (04-Mar-2016):-
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1- 13.0%-7416
2- 23.6%-7344
3- 27.0%-7321
4- 38.2%-7245(Crucial)
5- 50.0%-7165(Crucial)
6- 61.8%-7085(Crucial)
7- 70.7%-7024
8- 76.4%-6986
9- 78.6%-6971
10-88.6%-6903