Sideways Market before next Trend
Intra Day Chart Analysis & Market Outlook
(11-05-2016)
Nifty-Intra Day Chart (10-May-2016):- |
| Just click on chart for its enlarged view |
1- Support between 7838-7855
2- Up moves after good gains in European markets and Dow's Futures
3- Last more than 3 hours trading with Mixed patterns formations through both Up moves in Bearish Rising Channels and sufficient intraday correction
3- Whole day actual trading between 7838-7896
Conclusions from intra day chart analysis
Following lines were told yesterday in "Rally Continuation Expectations but after Fresh follow up Consolidation":-
1- today started rally will remain continued but will be slow
2- and may sideways market also between 7810-7992 in the next 1/2 sessions
As was told 100% same happened and Nifty traded whole day between 7810-7992 and up moves were slow as well as Nifty closed 0.28% up but Indian markets under performed all Global markets also in following manner today:-
Although most Asian markets were trading flat to positive and sentiment was moderate but Indian markets under performed and slipped 0.38% after flat opening. As soon as European markets started to move up after positive opening and Dow's Futures was also rising continuously then slow up moves were seen in Indian markets also but here also Nifty under performed because Nifty gained only 0.28% while Dow's Futures was trading more than 100 points up and all the European markets were trading 0.72% to 2.00% up.
As last more than 3 hours trading with Mixed Patterns formations and Indian markets completely under performed all Global markets also therefore view will be cautious and firstly sustaining beyond today trading range(7838-7896) should be watched tomorrow because good selling on the back of strong Global Cues can not be ruled out today.
Still Nifty will be understood sideways between 7810-7992 because lower levels supports and consolidation between 7810-7855 in last 2 sessions and previous resistances(has been updated at 06:54 PM yesterday) at higher levels within this range therefore Nifty will trade and prepare for next decisive moves within this range in the coming sessions and finally sustaining it beyond should be watched for next trend confirmations.