Final Confirmations of next Short Term Trend from 7582-7777
Intra Day Chart Analysis & Market Outlook
(05-04-2016)
Nifty-Intra Day Chart (04-Apr-2016):- |
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1- Minor selling between 7730-7737
2- Minor support between 7705-7710
3- Minor selling between 7757-7764
4- Whole day actual trading between 7705-7764
Conclusions from intra day chart analysis
Following lines were told on 03-04-2016 in "Expectations of Rally above 7777 after complete follow up Consolidations":-
1- Nifty will firstly prepare for such moves on next Monday between 7667-7777
2- finally rally above 7777 is still expected after complete follow up consolidations tomorrow
Nifty traded within mentioned range(7667-7777) between 7705-7764 and closed also 45 points up today but complete follow up consolidation was not seen despite today closing near the higher levels of the day. As clear selling patterns formations on 31-03-2016 therefore as such good consolidation was required which could not develop but some selling was also seen today therefore possibility of some down moves after RBI Credit Policy can not be ruled out tomorrow.
As Mixed patterns formation in last 3 sessions between 7667-7777 therefore next decisive moves will be firstly understood from Pre RBI Credit Policy trading hours intraday patterns formations tomorrow. High volatility may also be seen tomorrow after Mixed patterns formation in last 3 sessions therefore following trading ranges should be watched for next Short Term Trend confirmations because some times technical positions reverses also amid high intraday volatility:-
1- Last 3 sessions between 7667-7777
2- Last 9 sessions between 7582-7777(final confirmations)
As last 9 sessions trading between 7582-7777 with lower levels supports and higher levels resistances as well as Neckline(7600) of 48 sessions Inverse Head And Shoulders pattern is lying within this range therefore once sustaining beyond this range will confirm the validity of this pattern and resultant following decisive moves will be seen beyond this range:-
1- Above 7777 will mean strong rally towards the target(8374.20) of Inverse Head And Shoulders.
2- Below 7582 will mean correction beginning confirmation of Post Budget 952 points rally.