Crucial Trading Range will decide Next 3% Moves
Intra Day Chart Analysis & Market Outlook
(22-04-2016)
Nifty-Intra Day Chart (21-Apr-2016):-
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1- Mixed Patterns between 7963-7978
2- Mixed Patterns between 7926-7947
3- Whole day actual trading between 7885-7978
Conclusions from intra day chart analysis
Following lines were told yesterday in "Just Watch Crucial levels also amid Rally Continuation Expectations":-
1- finally sustaining beyond 7843-7980 will be next big moves confirmation
2- these crucial levels should be also firstly watched in the coming sessions amid rally continuation expectations
Rally continuation with the condition of sustaining beyond 7843-7980 was told and rally was seen also after gap up opening but could not move above 7980 and fused after today highest formation at 7978.45.
Resistances between 7920-7980 has been updated 4/5 times in previous Outlooks and Nifty faced resistance within this range with mixed patterns formations within this range today therefore fresh consolidation is must for decisive up moves above 7980.
Although slipping from higher levels and flat closing but today intraday chart is showing mixed patterns formations and some consolidation was also seen above 7843 in last 2 sessions therefore still Nifty has to prepare for next decisive moves between 7843-7980.
Expected that Nifty will trade between 7843-7980 in the coming 1/2 sessions and finally valid break out of this crucial trading range will decide next 3% moves. Let it happen then next Short Term Trend beyond this range will be understood and updated accordingly from intraday Patterns formations.