Firstly Watch valid 6965-7090
Intra Day Chart Analysis & Market Outlook
(25-02-2016)
Nifty-Intra Day Chart (24-Feb-2016):-
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Technical Patterns and Formations in today intraday charts
1- Minor selling between 7060-7080
2- Minor selling between 7075-7090
3- All the down moves in Bullish Falling Channel
4- Whole day actual trading between 7009-7090
Conclusions from intra day chart analysis
As following weakness in most Global markets therefore gap down opening of Indian markets and whole day negative zone trading today:-
1- Dow Jones closed 188 points down yesterday.
2- Most Asian markets were trading in Red.
3- All the European markets traded weak as well as slipped continuously after weak opening.
Although today closing near the lower levels of the day after higher levels minor selling but all the down moves in Bullish Falling Channel therefore it seems that consolidation process has been started and follow up moves consolidation in the coming sessions will mean strong rally after Union Budget on 29-02-2016.
Next supports of Nifty are as follows:-
1- 6965-7025
2- 6869-6945
As above supports are sufficiently strong therefore firstly valid break out of first support range should be watched tomorrow despite today closing within it after loosing 90 points.
Expected that Nifty will firstly trade and prepare for post Budget big moves between 6965-7090,let follow up consolidation develop within it then Post Budget rally will be considered.
Certainly major correction is on and no confirmation of its completion yet but now correction is at that level that if follow up consolidation develops in the coming 2 sessions then fresh decisive up moves will be seen after Budget which may result completion of that correction which started on 04-03-2015 from 9119.20.
Firstly Watch valid break out of 6965-7090 tomorrow for first signal of Post Budget decisive moves.
