Finally Rally Continuation after Crashing Global markets led Minor Correction
Intra Day Chart Analysis & Market Outlook
(07-07-2016)
Nifty-Intra Day Chart (05-Jul-2016):- |
| Just click on chart for its enlarged view |
1- Consolidation between 8336-8346
2- Double Bottom support between 8320-8328
3- Whole day Down moves in Bullish Falling Channels
4- Whole day actual trading between 8320-8364
Conclusions from intra day chart analysis
Although closing near the lower levels of the day but intraday selling patterns were not seen and on the contrary consolidation with lower levels double bottom supports also developed therefore view will not be Bearish. As consolidation through whole day Down moves in Bullish Falling Channels formations also therefore expected that finally rally above the top(8398.45) of on going rally will remain continued because intraday charts of last 2 sessions have also shown sufficient consolidation patterns formations.
As following news therefore now most European markets are now more than 2.00% down and Dow's Futures is also trading 108 points weak after deep Red closing of most Asian markets:-
1- Dow futures slide almost 100 points as Brexit fears keep nagging
2- European stocks veer lower as Brexit fears keep biting
(Just click above topic links of news and go through in details)
Although Global markets are crashing like today and if such situation lasts till tomorrow also then initial weakness can not be ruled out in Indian markets but finally rally will remain continued after Global markets led minor correction completion because Indian markets out performed after Brexit referendum in previous week and last 3 sessions intraday charts are showing consolidation patterns formations also.