Firstly Watch sustaining above 2nd Resistance Range after No Rates Hike Decision by FOMC
Intra Day Chart Analysis & Market Outlook
(16-Jun-2016)
Nifty-Intra Day Chart (15-Jun-2016):- |
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1- Consolidation between 8124-8142
2- Sudden up moves beginning after the Union Cabinet decision news of Associate Banks merger into SBI
3- Whole day actual trading between 8124-8213
Conclusions from intra day chart analysis
Following lines were told on 14-06-2016 in "Next(gap) Resistance filling will mean Fresh and Strong Rally":-
1- Indian markets are technically well prepared for strong rally
2- Next(gap) resistance are between 8135-8163 and once filling of this gap will mean fresh and strong rally beginning tomorrow or next Thursday.
Strong rally was seen after the gap filling and it happened after the Union Cabinet decision news of Associate Banks merger into SBI. Rally is on and continuation is expected but following resistances are lying just above day's highest therefore up moves within following resistances may be slow:-
1- 8242-8355
2- 8260-8315
3- 8470-8520
4- 8575-8652
Although good news of no rates hike decision by FOMC but most crucial Brexit decision is pending and that will come on 22-06-2016 therefore firstly sustaining above 2nd resistance range(8315) should be watched and once its valid break out will mean fresh strong rally.