Rally Continuation after follow up fresh consolidation
Intra Day Chart Analysis & Market Outlook
(12-04-2016)
Dow's Futures-Intra Day Chart(till 01:45 PM on 11-Apr-2016):-
 |
| Just click on chart for its enlarged view |
 |
| Just click on chart for its enlarged view |
1- More than 3 hours sideways trading between 7557-7586
2- 3 Hours trading range broken down
3- 100 Points jump with sharp rise in Dow's Futures and all European markets.
4- Strong up moves continuation with closing near the higher levels of the day.
3- Whole day actual trading between 7517-7678
Conclusions from intra day chart analysis
Following lines were told in both previous Outlooks of yesterday and today:-
1- good selling was seen between 7552-7569
2- some down will be seen despite last Friday closing near the higher levels of the day.
3- As both supports and resistances between 7518-7644 and finally this range will decide the fate of on going Post Budget Rally correction
As was told above all the proved 100% accurate in following manner today:-
Down was told yesterday and downward moves remain continued till 01:00 PM today as well as levels between 7518-7644 were given and Nifty jumped 100 points after lowest formation at 7516.85.
Nifty closed at 7671.40 today which has validated following most crucial levels:-
1- Neckline(7600) of 48 sessions Bullish Inverse Head And Shoulders pattern
2- 11 Sessions trading range(7582-7777) was broken down on 07-04-2016 but not sustaining below it and again moved into and closing within 11 sessions range today.
As intraday charts of 06-04-2016 and 07-04-2016 showed only consolidation patterns therefore we posted following topics on that days:-
1- Posted on 06-04-2016:- "First indication of yesterday started correction completion"
2- Posted on 07-04-2016:- "Finally fresh up Moves after follow up consolidation amid Global markets Bearishness"
Only Bullish projections were given in above 2 topics and Nifty closed above the top of these 2 sessions in only one day today rally which is an strong indication of that correction completion which started from 7777.60 on 31-03-2016. As no selling pattern formations today therefore today started rally continuation is expected towards following resistances:-
1- 7710-7737
2- 7755-7777
As above resistances are just above today highest and very Short Term Indicators have also turned overbought after today strong rally therefore some volatility can not be ruled out but finally rally continuation above 7777.60 is expected after follow up fresh consolidation which is must also to cross and sustain above mentioned resistances.