Rally continuation after Follow up Consolidations
Intra Day Chart Analysis & Market Outlook
(30-03-2016)
Nifty-Intra Day Chart (29-Mar-2016):- |
| Just click on chart for its enlarged view |
1- Selling between 7628-7645
2- Support between 7583-7599
3- Selling between 7625-7652
4- Down moves in Bullish Falling Channels
5- Whole day actual trading between 7583-7652
Conclusions from intra day chart analysis
Following lines were told yesterday in "Finally Rally continuation after follow up Consolidations in the coming Sessions":-
1- Supports between 7587-7610
2- Firstly sustaining beyond today supports range(7587-7610) should be watched for today started correction completion.
Market moving into consolidation phase will be understood because Nifty got supports yesterday between 7587-7610 and almost whole day traded within and above this range today with follow up supports within this range between 7583-7599 therefore yesterday supports range(7587-7610) has been strengthened today because consolidation through Down moves in Bullish Falling Channels was also seen within and above yesterday supports range.
As some selling was also seen at higher levels today therefore possibility of slipping below today lowest(7583) can not be ruled out under consolidation process but until Nifty will not sustain below today lowest till then deeper correction will not be considered and once sustaining above today highest(7652) will mean strong indication of yesterday started correction completion.
Still same view which was expressed yesterday that Nifty will trade and prepare for next trend between 7518-7749 in the coming sessions of this week for post RBI Credit Policy next big moves and finally valid break out of this range will decide next Trend. Still expected that finally rally above yesterday highest(7749) will remain continued in next week after follow up consolidations between 7518-7749 and sustaining above today highest(7652) will be strong indication of yesterday started correction completion.