Finally Crucial Levels will decide Next Trend amid Brexit led Uncertainty
Intra Day Chart Analysis & Market Outlook
(17-06-2016)
Nifty-Intra Day Chart (16-Jun-2016):- |
| Just click on chart for its enlarged view |
1- Support between 8075-8101
2- Whole day actual trading between 8075-8164
Conclusions from intra day chart analysis
As most Asian markets were in deep Red and some were more than 01.50% down therefore sentiment turned depressed today morning and resultant much weaker opening of Indian markets as well as slipping in first 2 hours. Following consolidation levels were updated in last 3 sessions:-
1- Consolidation between 8064-8084 on 13-06-2016
2- Consolidation between 8070-8091 on 14-06-2016
3- Consolidation between 8124-8142 on 15-06-2016
Nifty traded most time between above mentioned consolidation levels and closed also within it despite deep Red trading of Asian and European markets today. As Nifty got supports also within above mentioned levels today therefore these levels have become stronger supports and until Nifty will not sustain below 8064 after complete fresh selling till then decisive down moves will not be seen but decisive down moves will be considered only after sustaining below 7992.
Next resistances of Nifty are as follows:-
1- 8242-8255
2- 8260-8315
3- 8470-8520
4- 8575-8652
(Sustaining above 2nd resistance range(8315) will be fresh strong rally confirmation)
As uncertainty due to Brexit therefore nervousness in all the Global markets and huge volatility also can not be ruled out in the Indian markets. In this situation finally sustaining beyond crucial levels(7992-8315) will decide next Trend and should be firstly watched in the coming sessions for next trend confirmations.