Rally Continuation Expectations but after Fresh follow up Consolidation
Intra Day Chart Analysis & Market Outlook
(10-05-2016)
Nifty-Intra Day Chart (09-May-2016):- |
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1- 50 Points jump in first minute
2- More than 4 hours consolidation between 7810-7840
3- Closing near the higher levels of the day after last hours up moves
4- Whole day actual trading between 7773-7873
Conclusions from intra day chart analysis
Following lines were told today at 01:51 AM in "Valid Break Out of 7678-7777 will Generate One Sided Big Moves":-
1- last 3 sessions trading just above 27.0% retracement level between 7678-7777 with consolidation patterns formations within this range
2- once sustaining above 7777 will be strong indication of on going correction completion
3- which should be firstly watched in the beginning of next week
Consolidation patterns in last 3 sessions between 7678-7777 was told and Nifty moved up above 7777 after gaining 50 points in first minute jump today as well as today closing was near the higher levels of the day after 01.71% gains. Next resistances after today rally are as follows:-
1- 7850-7890
2- 7900-7932
3- 7954-7992
Nifty traded in last hour and closed also within above mentioned 1st resistance range but more resistances are also up lying to 7992 therefore Nifty has to consolidate for fresh rally above the top of Post Budget 2016-17 Rally(7992).
As more than 4 hours consolidation between 7810-7840 today therefore expected that today started rally will remain continued but will be slow and may sideways market also between 7810-7992 in the next 1/2 sessions because fresh follow up consolidation is must for crossing and sustaining above mentioned resistances.