Rally continuation expectations after follow up consolidation
Intra Day Chart Analysis & Market Outlook
(22-03-2016)
Nifty-Intra Day Chart (21-Mar-2016):-
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1- More than 4 hours trading with Mixed Patterns formations between 7629-7661
2- Up moves after recovery in European markets and Dow's Futures after 01:30 PM.
3- Whole day actual trading between 7628-7713
Conclusions from intra day chart analysis
As first 4 hours trading with Mixed Patterns formations and last hours up moves on the back of European markets and US cues therefore some volatility may be firstly seen for consolidation within today trading range because European markets closed near the lower levels of the day after loosing all first 2 hours gains and Short Term Oscillators have also turned overbought after strong rally today.
View was Bullish from and before Budget day and still same view as well as expected that Rally above 7600 will remain continued after 1/2 sessions follow up consolidation within of near about higher levels of today trading range