Still Decisive Up Moves Expectations
Intra Day Chart Analysis & Market Outlook
(15-03-2016)
Nifty-Intra Day Chart (14-Mar-2016):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channels
2- Whole day actual trading between 7516-7583
Conclusions from intra day chart analysis
Following resistances of Nifty were updated yesterday in "Finally Up moves after volatile trading within Crucial Levels":-
1- 7500-7543
2- 7556-7600(strong resistances)
As all the Global markets were blasting therefore strong opening of Indian markets but could not sustain at higher levels because:-
1- Strong resistances were told between 7556-7600 and Nifty retraced after intraday highest formation within this range at 7583.70
2- Selling was seen between 7405-7545 in last 6 sessions and follow up selling developed last Friday also therefore Nifty could not sustain above it because complete consolidation was required for decisive up moves above last 6 sessions highest(7545)
Although whole day continuous down moves but in Bullish Falling Channels therefore consolidation process continuation will be understood. If it remains continued in the coming sessions then decisive up moves will be seen above 7600 after FOMC announcements on 16th March Mid night.
Detailed analysis have already been updated in both previous Outlooks and still same view of decisive up moves expectations above 7600 despite today closing near the lower levels of the day.