Firstly watch sustaining beyond 7954-7980 Tomorrow
Intra Day Chart Analysis & Market Outlook
(27-04-2016)
Nifty-Intra Day Chart (26-Apr-2016):-
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| Just click on chart for its enlarged view |
1- Support between 7823-7852
2- Sharp 45 points 1 minute jump at 12:30 PM with sudden rise in USDINR and after positive opening of European markets
3- Last 2 hours trading with Mixed Patterns between 7954-7974
4- Whole day actual trading between 7823-7974
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly Watch 7828 Tomorrow":-
1- last more than 5 hours trading with Mixed Patterns between 7828-7866 and closing also within 4 previous sessions trading range(7843-7978) despite slipping below it lowest
2- therefore now Nifty will be understood sideways 7828-7980 and firstly valid break out this range should be watched for next trend confirmations.
Although Nifty slipped below last 5 sessions lowest(7828) but could not sustain below it and recovered after intraday lowest formation at 7823 therefore still Nifty will be understood sideways between last 6 sessions trading range(7823-7978). As next resistances are up to 7980 therefore next up move confirmation will be after sustaining above 7980.
Firstly lower levels supports amid weaker Asian markets after after that sudden jump at 12:30 PM but last 2 hours trading with Mixed Patterns between 7954-7974 therefore some more consolidation is required within and near about this range for sustaining above 7980. As closing near the higher levels of the day therefore possibility of up moves above 7980 can not be ruled out but sustaining above it must for the confirmation of fresh rally towards and above 9134.20 because Neckline of 98 sessions Inverse Head And Shoulders pattern is at 7980.
As last 2 hours trading with Mixed Patterns between 7954-7974 and valid break out of this range will be next trend first indication as well as sustaining above 7980 will be next strong up moves confirmation therefore firstly sustaining beyond 7954-7980 should be watched tomorrow.