Cautiously Bullish View
Intra Day Chart Analysis & Market Outlook
(02-12-2015)
Nifty-Intra Day Chart (01-Dec-2015):- |
| Just click on chart for its enlarged view |
1- Whole day down moves in Bullish Falling Channels
2- Whole day actual trading between 7935-7972
Conclusions from intra day chart analysis
Although all the Asian markets were trading with good gains today morning but Indian markets traded with minor gains because Indian markets were not technically prepared for strong rally. As whole day today trading with down moves in Bullish Falling Channels therefore signals of consolidation process and resultant emergence of on going rally continuation possibility.
As on going rally is slow and very short term indicators have moved into overbought zone as well as well as Indian market under performed Asian markets today therefore view will be cautious and strong rally will be considered after confirmation of sustaining next resistance range(8070-8152).
As intraday consolidation patterns formations today therefore view is cautiously Bullish and some up moves are expected towards 8070-8152.