Rally Continuation Expectations amid Election results led volatility
Intra Day Chart Analysis & Market Outlook
(19-05-2016)
Nifty-Intra Day Chart (18-May-2016):- |
| Just click on chart for its enlarged view |
1- Minor consolidation between 7811-7828
2- Minor consolidation between 7842-7859
3- Whole day actual trading between 7811-7882
Conclusions from intra day chart analysis
As more than 1% down closing of US markets therefore most Asian markets were trading in Red and Hang Seng was also more than 1% down,resultant sentiment was weak today morning and in reaction huge gap down opening of Indian markets with negative closing after whole day negative zone trading today.
Although today closing near the higher levels of the day but minor consolidation patterns formations therefore some more consolidation is also required for decisive up moves above today highest.
Election results of 5 states will be declared tomorrow and picture will be clear till 11:00 AM tomorrow but volatility may remain high amid uncertainty. As good intraday consolidation yesterday and some consolidation was also seen today therefore today started rally continuation is expected tomorrow also and once BJP clear majority in Assam with more than 10% votes share in other states will mean beginning of fresh Rally above 8000 and that is technically expected also.