First indication of yesterday started correction completion
Intra Day Chart Analysis & Market Outlook
(07-04-2016)
Nifty-Intra Day Chart (06-Apr-2016):- |
| Just click on chart for its enlarged view |
1- Consolidation between 7592-7610
2- Down moves in Bullish Falling Channels
3- Whole day actual trading between 7592-7635
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly Watch last 2 Hopes of Bulls":-
following 2 last hopes for Bulls remained alive:-
1- Today closing was above 7600 which is Neckline of 48 sessions Inverse Head And Shoulders pattern.
2- Today lowest(7588.65) and closing is above Last 9 sessions trading range(7582-7777).
Two levels of 7582 and 7600 was given and Nifty honoured both levels through not slipping below 7582 (today lowest at 7591.75) and closing above 7600 at 7614.35 today.
Whole day sideways trading within 43 points with only consolidation patterns formations therefore first indication of yesterday started correction completion. As finally sustaining beyond 7582-7635 will be next decisive moves confirmation therefore should be firstly watched tomorrow for following moves:-
1- Below 7582 will mean correction beginning confirmation of Post Budget 952 points rally.
2- Above 7635 will mean up moves towards 7777 and once sustaining above it will mean strong rally towards the target(8374.20) of Inverse Head And Shoulders.