Strong Indications of next Moves from 8252-8294
Intra Day Chart Analysis & Market Outlook
(09-06-2016)
Nifty-Intra Day Chart (08-Jun-2016):-
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| Just click on chart for its enlarged view |
1- Whole day sideways trading within 33 points
2- Whole day actual trading between 5253-5288
Conclusions from intra day chart analysis
Whole day sideways trading within 33 points and flat closing as well as no one sided intraday technical position formations today therefore views will be formed from EOD charts and indicators only.
That Wave-3 which begun from 7678.35 on 06-05-2016 is on and its continuation is expected because complete selling has not been formed yet but Short Term indicators are overbought therefore Short Term correction may be seen any day after 1/2 sessions selling.
Nifty traded more than 1 hour between 3277-3294 yesterday but could not sustain at higher levels therefore immediate resistances will be understood upto 3294 and previous resistances are also upto 8315 therefore clear consolidation is firstly required for fresh fast rally towards next resistances(8470-8520) let it happen then valid break out of 8315 will be its confirmation.
Expected that Nifty will firstly trade within and near about 8252-8294 and valid break out of this range will be strong indication of Short Term correction below 8252 and fresh rally above 8294.