Firstly Watch Next Strong Supports after Such Weak SGX Nifty today
Intra Day Chart Analysis & Market Outlook
(20-06-2016)
Nifty-Intra Day Chart (17-Jun-2016):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Selling patterns formation between 8166-8178
3- Up moves in Bearish Rising Channel
4- Intraday volatility in last hours
5- Whole day actual trading between 8136-8195
Conclusions from intra day chart analysis
As remained busy in last 2 days therefore small Outlook is being posted today.
Detailed analysis of EOD Charts have been updated in previous Weekly Outlook on 13-06-2016 in "Firstly watch Most Crucial Support in Next FOMC News led Week". As previous weekly closing(17-06-2016) is at the same level(8170) which was on 10-06-2016 therefore same view on EOD charts which was updated in above mentioned previous weekly analysis.
Although Green closing after whole day positive zone trading last Friday but intraday charts are showing some selling patterns also after first hour Down moves in Bullish Falling Channel and some volatility was also seen in last hours therefore much negative cues are not being seen only from intraday charts patterns formations. Global markets were trading in following manner last Friday:-
1- Most Asian markets traded more than 0.45% last Friday.
2- All the European markets traded more than 1.50% up after strong opening last Friday.
As Indian markets traded flat to minor gains and completely under performed Global markets therefore selling on the back of such strong Global cues can not be ruled out last Friday.
SGX Nifty is now trading more than 60 points down today morning and news channels are telling it is due to RBI Governor Raghuram Rajan exit. As per our view it should not be the reason of such deeper down SGX Nifty because in real sense Mr Raghuram Rajan was creating hurdles through not cutting Repo Rates and each time gave baseless reasons for it.
As Indian markets completely under performed Global markets and some selling patterns were also seen last Friday therefore some weakness can not be ruled out but strong supports are lying between 8064-8091 and firstly sustaining it beyond should be watched today for the confirmation of next trend.