Pull Back Rally continuation towards next Resistances
Intra Day Chart Analysis & Market Outlook
(30-12-2016)
Nifty-Intra Day Chart (29-Dec-2016):-
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1- More than 4 hours consolidation between 8036-8059
2- Last hours up moves with follow up consolidations
3- Whole day actual trading between 8021-8111
Conclusions from intra day chart analysis
Following lines were told yesterday in "Sideways Market for Next Trend Preparations":-
As Indian Mutual Funds requires to maintain NAV therefore strong rally was seen yesterday after their huge buying and they will support market till 30 Dec and till then decisive down moves are not expected.
As whole day only consolidation patterns formations and selling was not seen therefore on going rally continuation is expected in the coming sessions. Next resistances above today highest are as follows:-
1- 8137-8159
2- 8165-8200
3- 8168-8224
4- 8250-8275
Long Term Trend decider 200 Day SMA is today at 8258 which is within above mentioned resistances therefore until Nifty will not sustain above 8275 till then only Pull Back Rally continuation will be understood and Nifty will be considered sideways within lower levels supports and higher levels resistances(7894-8275).
Pull Back Rally is on and its continuation is expected towards above mentioned resistances but Nifty will firstly trade and prepare for next decisive moves between 7942-8159 and finally valid break out of this range will give next trend first indication.