Firstly Rally continuation expectations are high
Intra Day Chart Analysis & Market Outlook
(20-04-2016)
Nifty-Intra Day Chart (18-Apr-2016):-
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1- Loosing 65 points within first 7 minutes after gap up strong opening.
2- Up moves with intraday corrections
3- Whole day actual trading between 7843-7920
Conclusions from intra day chart analysis
Although all the Asian markets were trading in deep Red and Dow's Futures was also more than 100 points down today morning but strong gap up 57 points positive opening of Nifty and also slipping into Red after loosing 65 points within first 7 minutes. As whole day up moves were with intraday corrections and any other intraday pattern formation was also not seen after first 7 minutes sharp fall therefore view will be cautiously Bullish because Bearish Hanging Man Candle formation today.
Resistances between 7920-7980 were updated at 02:07 AM today in "Immediate target of Nifty at 8374.20" and today highest was at 7920.60.
As resistances are lying just above today highest therefore Nifty has to consolidate for decisive up moves above 7980 and if some selling develops after Mixed Patterns formations today then only Very Short Term Correction will be seen.
As now Nifty has to prepare for next decisive moves between 7843-7980 therefore let it happen then next decisive moves beyond this range will be understood from intraday Patterns formations within this range(7843-7980) and valid break out of this range should be firstly watched in the coming sessions for next big trend confirmations.
Firstly Rally continuation expectations are high after follow up consolidation because Indian markets out performed all Asian and European markets and intraday selling patterns were not seen despite Bearish Hanging Man Candle formation today.