Firstly Post Credit Policy Moves preparations within Trading Range
Intra Day Chart Analysis & Market Outlook
(04-10-2016)
Nifty-Intra Day Chart (03-Oct-2016):-
 |
| Just click on chart for its enlarged view |
1- Sharp up after gap up opening
2- Up moves with intraday corrections
3- Slow up moves in last 4 hours
4- Whole day actual trading between 8635-8745
Conclusions from intra day chart analysis
Although sharp up after gap up opening and up moves also with intraday corrections but slow up moves in last 4 hours therefore some profit booking can not be ruled out also at higher levels of the day. As sufficient selling has not been not seen yet therefore immediate down moves will not seen until complete fresh selling will not develop today.
As slow up moves were seen above 8700 and next resistances are up to 8793 therefore Nifty will firstly trade and prepare for next decisive moves within 8700-8793 till 02:30 PM when RBI Credit policy will be announced and finally valid break out of this trading range will confirm next trend which should be watched today.