Firstly Sideways Market in Coming Week for Next Trend Preparation
Technical Analysis,Research & Weekly Outlook
(Jun 06 to Jun 10,2016)
Nifty-Intra Day Chart (May 30 to Jun 3,2016):-
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| Just click on chart for its enlarged view |
1- First 4 sessions sideways trading between 9150-8215
2- Selling between 8241-8262 on 03-06-2016
3- 5 Sessions actual trading between 8135-8262
Conclusions from 5 Sessions intra day chart analysis
First 4 sessions sideways trading in previous week between 9150-8215 and this range was broken out on 03-06-2016 but fresh selling was seen 8241-8262 last Friday therefore still Nifty will be understood sideways between last week trading range(8135-8262) and valid break out of this range will be next trend confirmation.
Intra Day Chart Analysis(03-06-2016)
Nifty-Intra Day Chart (03-Jun-2016):-
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| Just click on chart for its enlarged view |
1- Selling between 8241-8262(Immediate Resistances)
2- Whole day actual trading between 8210-8262
Conclusions from intra day chart analysis
As clear selling between 8241-8262 therefore it will be immediate resistance of Nifty and follow up consolidation is must for any decisive up move above 8262.
Conclusions (After Putting All Studies Together)
Following conclusive lines were told on 29-05-2016 in "Minimum Target of Nifty at 8844.55":-
finally last week started rally will remain continued towards 8844.55 with only very Short Term and sideways corrections.
Next resistances above previous week highest are as follows:-
1- 8260-8315
2- 8470-8520
3- 8575-8652
As was told 100% same happened in following manner in previous week:-
1- Rally remained continued with previous week closing after gaining 64 points.
2- only very Short Term and sideways corrections was told and Nifty remained sideways in first 4 sessions between 9150-8215.
3- First resistance range was told between 8260-8315 and Nifty faced resistance exactly at these levels as well as retraced from 8262 last Friday.
As lower levels supports and higher levels equally good selling was seen between 8135-8262 in last week therefore Firstly Nifty has to prepare for any side decisive moves and that will be done through sideways trading within this range. Now Nifty will be understood sideways between 8135-8262 and firstly sustaining beyond this range should be watched for following next Trend confirmations:-
1- Below 8135 will mean Short Term down moves towards the top of previous 28 Sessions trading range(7678-7992) which was forcefully broken out on 26-05-2016 and it will be the correction of that rally also which started on 24-05-2016 from 7716.
2- Above 8262 will be possible only after complete consolidation because clear selling patterns were seen last Friday. As next resistances between 8260-8315 are also lying just above it therefore up move up to 8315 will be slow because follow up consolidation is also required for sustaining above 8315.