8315 will confirm Fresh,Strong and Sharp Rally

Intra Day Chart Analysis & Market Outlook

(24-06-2016)

Nifty-Intra Day Chart (23-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation indications between 8191-8203
2- Up moves beginning after strong opening of European markets.
3- Sudden sharp jump afer fresh strong up moves in European markets and Dow's Futures.  
4- Whole day actual trading between 8189-8285

Conclusions from intra day chart analysis 

Although good selling in last 2 sessions but as soon as consolidation developed today then following lines were told at 12:18 PM today in "Just Watch 8154-8238 for first and strong indication of Brexit poll results reaction on Indian markets ":-

1- some consolidation indications were also seen today and supports were seen between 8154-8203 yesterday
2- good selling between 8213-8238 in last 2 sessions
3- firstly valid break out 8154-8238 should be watched for first and strong indication of Brexit poll results reaction on Indian markets.

Sideways market till the opening of European markets and up moves begun after more than 1% positive opening of all European markets.  As soon as European markets and Dow's Futures jumped sharply and European markets were up by more than 3% and Dow's Futures was also trading more than 175 points up then sudden sharp jump was seen in Indian markets also. Just click following topic links and understand today Global markets moves:-

1- European stocks surge to 3-week high as Brexit vote gets under way
2- Dow industrials futures jumped 160 points

As today up moves were due to Brexit news and Global markets reaction on it and not technical based therefore firstly watch following resistances for the confirmation of fresh rally:-

1- 8242-8255
2- 8260-8315
3- 8470-8520
4- 8575-8652

As not much difference between 1st and 2nd resistance range therefore until Nifty will not sustain above 2nd resistance range(8315) after complete consolidation till then fresh rally will not be considered. 

Last 20 sessions sideways trading between 8064-8295 and today closing near the higher levels of this range on the expectations of Remain victory and no Exit of Britain from Europe which will be decided tomorrow. It should be kept in mind that once sustaining above 8315 after Remain victory will mean fresh,strong and sharp rally because that will be break out confirmation of last 20 sessions range(8064-8295) also and there is no resistance between 8315-8470. 

Just Watch 8154-8238 for first and strong indication of Brexit poll results reaction on Indian markets 

Mid-session Outlook(23-06-2016)

Although most time negative zone trading between 8191-8203 since opening today but Nifty got supports above yesterday supports range(8154-8187). As some consolidation indications were also seen today and supports were seen between 8154-8203 yesterday as well as good selling between 8213-8238 in last 2 sessions therefore firstly valid break out 8154-8238 should be watched for first and strong indication of Brexit poll results reaction on Indian markets.

8154 Will Confirm Deeper and Sharp Correction

Intra Day Chart Analysis & Market Outlook

(23-06-2016)

Nifty-Intra Day Chart (22-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling Patterns between 8213-8238
2- Support between 8154-8187
3- Whole day actual trading between 8154-8238

Conclusions from intra day chart analysis 

Following lines were told on 21-06-2016 in "Emergence of Short Term but Sharp correction Possibility":-

emergence of some down moves possibilities below day's lowest (8202.15).

As was told 100% same happened and Nifty slipped below 8202.15 as well as closed just above it at 8203.70 after intraday lowest formation at 8153.25

Follow up was seen selling between 8213-8238 after previous session selling between 8221-8230 therefore levels between 8213-8238 have become immediate and strong resistance,until Nifty will not sustain above 8238 after complete consolidation till then any decisive up move will not be seen. Once sustaining below 8213 after fresh selling between day's support range(8154-8187) will mean fresh down moves towards next strong supports(8064)

As selling indications and patterns in last 4 sessions therefore some more down moves are expected towards and below 8154 but view should be cautious because Brexit poll results led high volatility may be seen in the next 2 sessions and finally sustaining below 8154 will mean deeper and sharp correction. 

Emergence of Short Term but Sharp correction Possibility

Intra Day Chart Analysis & Market Outlook

(22-06-2016)

Nifty-Intra Day Chart (21-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Whole day sideways trading within 30 points
2- Minor selling between 8221-8230
3- Whole day actual trading between 8203-8233

Conclusions from intra day chart analysis 

As whole day sideways trading with minor selling between 8221-8230 therefore emergence of some down moves possibilities below day's lowest (8202.15). Brexit picture will be clear after 23-06-2016 and till then its uncertainty led Global markets high volatility can not be ruled out. 

As some indications of selling in last 2 sessions and selling patterns formations were seen today also therefore Short Term but sharp correction may be seen any day before or after Brexit decision despite Bullish European markets and Dow's Futures more than 60 points up at this moment as well as most Asian markets closing with good gains today.

First Watch Next Resistances after Indian markets Complete Under Performance 

Intra Day Chart Analysis & Market Outlook

(21-06-2016)

Nifty-Intra Day Chart (20-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Sharp up immediately after gap down opening
2- Last 5 hours slow up moves
3- Whole day actual trading between 8108-8244

Conclusions from intra day chart analysis 

As SGX Nifty was trading more than 60 points down today morning therefore news channels were telling it is due to RBI Governor Raghuram Rajan exit but we told following lines today at 08:50 AM in "Firstly Watch Next Strong Supports after Such Weak SGX Nifty today":-

1- As per our view it should not be the reason of such deeper down SGX Nifty because in real sense Mr Raghuram Rajan was creating hurdles through not cutting Repo Rates and each time gave baseless reasons for it. 
2- As Indian markets completely under performed Global markets and some selling patterns were also seen last Friday therefore some weakness can not be ruled out but strong supports are lying between 8064-8091 and firstly sustaining it beyond should be watched today for the confirmation of next trend.

When markets moves up then same news channels were telling in the afternoon today that market has ignored Raghuram Rajan exit and moved up. We told only for some weakness and that was seen also immediately after opening,we also updated strong supports between 8064-8091 and Nifty could not slip below it as well as moved up after today lowest formation at 8107.35.

Following resistances of Nifty were updated on 16-06-2016 in "Finally Crucial Levels will decide Next Trend amid Brexit led Uncertainty":-

1- 8242-8255
2- 8260-8315
3- 8470-8520
4- 8575-8652

Nifty faced resistance in 1st resistance range today and closed at 8238.50 after today intraday highest formation at 8244.15. 

Although Nifty closed 0.84% positive today but completely under performed all the Global markets because most Asian markets closed more than 1.40% up and all the European markets opened and traded more than 2.5% up as well as Dow's Futures was trading more than 200 points positive. As such high under performance by Indian markets today therefore good selling on the back of such strong Global cues can not be ruled out today.

As now Brexit Polls showing swing to 'Remain' therefore all the Global markets may remain strong in the coming sessions also like today but until Nifty will not sustain above 2nd resistance range(8315) after complete consolidation till then fresh rally will not be considered because absolute under performance by Indian markets today and good selling on the back of such strong Global cues can not be ruled out.

Firstly Watch Next Strong Supports after Such Weak SGX Nifty today

Intra Day Chart Analysis & Market Outlook

(20-06-2016)

Nifty-Intra Day Chart (17-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Selling patterns formation between 8166-8178
3- Up moves in Bearish Rising Channel
4- Intraday volatility in last hours
5- Whole day actual trading between 8136-8195

Conclusions from intra day chart analysis 

As remained busy in last 2 days therefore small Outlook is being posted today.

Detailed analysis of EOD Charts have been updated in previous Weekly Outlook on 13-06-2016 in "Firstly watch Most Crucial Support in Next FOMC News led Week". As previous weekly closing(17-06-2016) is at the same level(8170) which was on 10-06-2016 therefore same view on EOD charts which was updated in above mentioned previous weekly analysis.

Although Green closing after whole day positive zone trading last Friday but intraday charts are showing some selling patterns also after first hour Down moves in Bullish Falling Channel and some volatility was also seen in last hours therefore much negative cues are not being seen only from intraday charts patterns formations. Global markets were trading in following manner last Friday:-

1- Most Asian markets traded more than 0.45% last Friday.
2- All the European markets traded more than 1.50% up after strong opening last Friday.

As Indian markets traded flat to minor gains and completely under performed Global markets therefore selling on the back of such strong Global cues can not be ruled out last Friday.

SGX Nifty is now trading more than 60 points down today morning and news channels are telling it is due to RBI Governor Raghuram Rajan exit. As per our view it should not be the reason of such deeper down SGX Nifty because in real sense Mr Raghuram Rajan was creating hurdles through not cutting Repo Rates and each time gave baseless reasons for it. 

As Indian markets completely under performed Global markets and some selling patterns were also seen last Friday therefore some weakness can not be ruled out but strong supports are lying between 8064-8091 and firstly sustaining it beyond should be watched today for the confirmation of next trend.