Next(gap) Resistance filling will mean Fresh and Strong Rally
Intra Day Chart Analysis & Market Outlook
(15-06-2016)
Nifty-Intra Day Chart (14-Jun-2016):-
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| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Consolidation between 8070-8091
3- Whole day actual trading between 8070-8123
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly Post FOMC decisive moves preparations between 8064-8237":-
1- Consolidation between 8064-8084
2- Nifty will firstly prepare for post FOMC decisive moves between 8064-8237
3- sustaining above 8163 will produce strong up moves because good consolidation was seen above it last Friday and today down moves below it were crashing Global markets led.
Nifty traded whole day above 8064 today with intraday lowest formation at 8069.50 and follow up consolidation between 8070-8091 after consolidation within this range yesterday between 8064-8084 therefore levels between 8064-8091 have become immediate and stronger supports because consolidation within this range was seen in last 2 sessions and until Nifty will not sustain below 8064 till then decisive down moves will not be seen.
Although finally next big moves will be seen after FOMC announcements next Thursday some volatility can not be ruled out tomorrow due to FOMC led uncertainty and crashing Global markets but it is confirm that Indian markets are technically well prepared for strong rally because good consolidation was seen above 8163 last Friday and last 2 sessions down moves below it were crashing Global markets led.
Next(gap) resistance are between 8135-8163 and once filling of this gap will mean fresh and strong rally beginning tomorrow or next Thursday.