Intra Day Chart Analysis &
Market Outlook(27-07-2016)
Nifty-Intra Day Chart (26-Jul-2016):-Market Outlook(27-07-2016)
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1- Selling between 8634-8644(Immediate Resistances)
2- Whole day actual trading between 8578-8644
Conclusions from intra day chart analysis
Last 10 sessions sideways trading between 8444-8595 and this range was broken out yesterday despite weaker Global markets sentiments therefore finally rally continuation was expected but fresh selling was seen today between 8634-8644 which is within previous sessions updated resistance range(8575-8652). As today closing also between last 10 sessions sideways trading range(8444-8595) at 8590,65 therefore yesterday break out of 10 sessions range may be false.
As follow up selling within mentioned resistance range(8575-8652) and it has become stronger today therefore more down moves can not be ruled out and complete fresh consolidation is firstly required for decisive up moves above immediate resistance range highest(8652).
Following conclusive line is being repeated which was told on 24-07-2016 in "Valid break out of 8595/8652 will mean Bullish Gates opening":-
valid break out of 8444-8652 should be firstly watched for next decisive moves confirmations.