Sideways Market for Next Trend Preparations
Intra Day Chart Analysis & Market Outlook
Nifty-Intra Day Chart (28-Dec-2016):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts
1- Intraday volatility only
2- Whole day actual trading between 8029-8100
Conclusions from intra day chart analysis
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.
Although closing near the lower levels of the day but no clear selling patterns formations at higher levels of the day. As one sided intraday patterns formations were not seen therefore same following view which was expressed yesterday in "Today Started Rally Continuation towards Next Resistance":-
Still Nifty will be understood sideways between 7894-8275 because resistances are lying between 8252-8275 also. Expected that 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 and finally confirmation will be sustaining beyond 7894-8275.