Just Watch Crucial levels also amid Rally Continuation Expectations
Intra Day Chart Analysis & Market Outlook
(21-04-2016)
Nifty-Intra Day Chart (20-Apr-2016):- |
| Just click on chart for its enlarged view |
1- Up moves immediately after opening
2- Down moves in Bullish Falling Channel
3- Last 5 hours sideways trading between 7878-7920
4- Whole day actual trading between 7878-7950
Conclusions from intra day chart analysis
Following lines were told on 18-04-2016 in "Firstly Rally continuation expectations are high":-
1- Resistances between 7920-7980
2- now Nifty has to prepare for next decisive moves between 7843-7980
3- Firstly Rally continuation expectations are high
Although firstly up moves immediately after opening but resistances were there at higher levels between 7920-7980 therefore not sustaining at higher levels and whole day today trading within mentioned levels(7843-7980). As Down moves in Bullish Falling Channel was also seen and as such selling patterns were also not seen between last 5 hours sideways trading between 7878-7920 therefore on going rally continuation hopes are alive but decisive and strong up moves will be seen only above 7980.
As 5 hours sideways trading between 7878-7920 and valid break out of this range will be first indication as well as finally sustaining beyond 7843-7980 will be next big moves confirmation therefore these crucial levels should be also firstly watched in the coming sessions amid rally continuation expectations because Short Term indicators are now overbought.