Post FOMC One Sided Big Moves Confirmations from Crucial Levels
Intra Day Chart Analysis & Market Outlook
(21-09-2016)
Nifty-Intra Day Chart (20-Sep-2016):-
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| Just click on chart for its enlarged view |
1- Mixed Patterns between 8760-8791
2- Down moves in Bullish Falling Channels
3- Minor selling at higher levels
4- Whole day actual trading between 8760-8816
Conclusions from intra day chart analysis
Following lines were yesterday in "Emergence of correction continuation signal":-
emergence of correction continuation signal below day's lowest(8775)
When US and European markets were trading strong and Nifty closed 0.33% positive yesterday then we told for Correction continuation below 8775 and it was seen with today lowest formation at 8759.30.
Although 0.37% down closing after most time negative zone trading today but only intraday selling patterns were not seen and consolidation patterns were also developed therefore today trading will be understood with mixed Patterns formations between 8760-8791 and firstly Nifty has to prepare for decisive moves beyond this range.
Next resistances above 8791 are as follows:-
1- 8836-8847
2- 8874-8902
3- 8935-8956
Next supports below 8760 are as follows:-
1- 8695-8736
2- 8514-8580(Multiple and strong supports)
As mixed patterns formations today therefore Nifty has to prepare for post FOMC next big moves and that will be firstly done between crucial levels(8736-8836) tomorrow. Certainly those decisive big moves will be firstly decided from intraday charts patterns formations tomorrow and valid break out mentioned crucial levels which should be watched in the coming sessions for one sided big moves confirmations after FOMC announcements on 22-09-2016