Finally Up Moves above Today Highest(7940) in the Coming 1/2 Sessions
Intra Day Chart Analysis & Market Outlook
(18-05-2016)
Nifty-Intra Day Chart (17-May-2016):- |
| Just click on chart for its enlarged view |
1- Consolidation Patterns between 7889-7913
2- Consolidation Patterns between 7917-7940
3- Last hour down moves after sharp fall in most European markets and Dow's Futures
4- Whole day actual trading between 7880-7940
Conclusions from intra day chart analysis
Although Nifty closed near the higher levels of the day but we told following lines yesterday in "GST Bill Passing news led Today Rally require more Confirmations":-
1- last hours up moves after above mentioned Bullish news in the news channels therefore
2- firstly follow up consolidation and after that confirmation through sustaining above next immediate resistance(7900-7932) is must
Although follow up good consolidation patterns formations were seen today but confirmation through sustaining above next immediate resistance(7900-7932) was must and it was not seen because today closing was below 7900. As last hour today down moves were after sharp fall in most European markets and Dow's Futures therefore view will not be Bearish despite today closing near the lower levels of the day as well as once follow up consolidation tomorrow will mean strong rally towards and above 8000.
As good intraday consolidation patterns formations therefore expected that finally up moves above today highest(7940) will be seen in the coming 1/2 sessions after follow up consolidation within and below today lowest despite more than 0.50% down trading of US and all European markets at this moment.