Bullish Global Cues led today Market require confirmations from 8217-8315
Intra Day Chart Analysis & Market Outlook
(08-06-2016)
Nifty-Intra Day Chart (07-Jun-2016):- |
| Just click on chart for its enlarged view |
1- Sideways market with RBI Credit Policy led volatility till 11:30 AM
2- Fast up moves after more strong opening European markets after 12:30 PM
3- Not sustaining at higher levels.
4- Whole day actual trading between 8217-8294
Conclusions from intra day chart analysis
As clear selling patterns just below next resistance(8260) last Friday and Mixed Patterns formations yesterday therefore we were expecting Short Term Correction below 8186.05 but our today projection went wrong due to following Bullishness in all the Global markets since today morning:-
1- Most Asian markets were trading 0.75% up today morning after strong closing of US markets yesterday therefore positive opening of Indian markets but under performed Asian markets and traded sideways with minor gains up to 11:30 AM because higher levels selling was seen in last 2 sessions and fresh consolidation was firstly required for decisive up moves.
2- Fast up moves started in Indian markets after more than 1% strong opening of most European markets at 12:30 PM today.
The rally which started on 24-05-2016 from 7716 is very much on and its only Short Term Correction was expected below 8186.05 which was not seen today and higher levels consolidation amid strong Global cues can not be ruled out today because Indian markets could not slip too much despite no Repo rates cut by RBI today.
As lower levels supports amid high volatility after RBI Credit Policy and Global cues led up moves as well as not sustaining at higher levels within next resistance range(8260-8315) therefore whole day today market will be understood only news led and it must be kept in mind that technical positions reverses also in such today like news led markets.
As clear selling between 8241-8262 last Friday and next resistances above it are between 8260-8315 as well as some supports at lower levels above 8217 today therefore expected that Nifty will firstly trade and prepare for next decisive moves between 8217-8315 in the coming sessions and finally this range will decide next Short Term Trend. As today market was completely Bullish Global cues and RBI Credit Policy led therefore follow up consolidation is firstly required for fresh fast rally towards next resistances(8470-8520) let it happen then valid break out of 8315 will be its confirmation.