Firstly Watch 7996 amid Some More Down Moves
Intra Day Chart Analysis & Market Outlook
(04-11-2015)
Nifty-Intra Day Chart (03-Nov-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8081-8100
2- Selling between 8061-8077
3- Whole day actual trading between 8032-8100
Conclusions from intra day chart analysis
Following lines were told yesterday in "Rally will gain strong Momentum above 8152":-
1- some more up moves will be seen
2- Next resistances between 8108-8152
3 Nifty will remain sideways between 7996-8152 tomorrow
Some more up moves were told yesterday and most of the time Nifty traded in positive zone as well as closed in Green today. Next resistances between 8108-8152 were also told and whole day Nifty traded below it with fresh selling also within above mentioned ranges therefore expected that down moves below today lowest will be seen and once valid breaking down of yesterday lowest(7996) will mean high possibility of sharp fall.
As both lower levels good consolidation and equally good higher levels selling between 7996-8100 in last 2 sessions therefore expected that Nifty will trade within this range tomorrow and prepare for next decisive moves beyond this range. It seems that Indian markets are preparing for next big moves after Bihar Election results. Let Nifty prepare and complete technical positions form then next trend will be updated according to more intraday charts analysis of the coming sessions.
As good selling today therefore some more down moves towards yesterday lowest(7996) will be seen tomorrow and firstly sustaining it beyond should be watched tomorrow.