Firstly watch 8574-8711 for next Trend Confirmations
Intra Day Chart Analysis & Market Outlook
(02-08-2016)
Nifty-Intra Day Chart (01-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Selling between 8683-8711(Immediate Resistances)
2- Last 3 hours mixed Patterns between 8591-8643
3- Whole day actual trading between 8591-8711
Conclusions from intra day chart analysis
Rally continuation was expected and Nifty traded 72 points also in first 2 hours today but fresh selling developed and Nifty slipped from higher levels. Immediate supports were between 8574-8595 and Nifty got supports within it in last 3 hours but with mixed Patterns between 8591-8643 therefore follow up fresh consolidation is firstly required for fresh up moves above today highest(8711)
As immediate supports and resistances are between 8574-8711 therefore Nifty has to prepare for next decisive moves within and near about this range and finally valid break out of this range will decide next trend which should be firstly watched for confirmations.