Post Budget Rally Continuation after Minor Correction
Intra Day Chart Analysis & Market Outlook
(10-03-2016)
Nifty-Intra Day Chart (09-Mar-2016):- |
| Just click on chart for its enlarged view |
1- Whole day up moves with intraday corrections
2- Whole day actual trading between 7425-7539
Conclusions from intra day chart analysis
Following lines were told at 01:19 PM on 04-03-2016 in "Firstly Watch Retracement Levels after today started Very Short Term Correction beginning":-
1- only very Short Term correction beginning will be considered
2- Bull markets does not give much deeper correction
3- first 4 fours today intraday charts are showing some selling patterns therefore correction continuation is expected towards above levels.
As was told 100% same happened and Nifty corrected towards 13.0% retracement level(7416) as well as formed today lowest just above it at 7424.30 after loosing 61 points. We clearly told that Bull markets does not give much deeper correction and it was also seen today through more than 100 points recovery after very Short Term correction completion today.
As whole day up moves with intraday corrections and as such intraday selling patterns were not seen today therefore Budget day started rally continuation is expected after very Short Term correction completion today but firstly minor 1/2 sessions correction may be seen because Short Term Oscillators have turned overbought after strong rally today.
Next resistances are between 7556-7600 which are sufficiently strong also and once sustaining above 7600 will mean Nifty will positively test Long Term Trend decider 200 Day EMA(today at 7800). Once confirmation of sustaining above it will mean strong possibility of worst is over.