Firstly Watch Levels for Next Trend Confirmations
Intra Day Chart Analysis & Market Outlook
(06-10-2016)
Nifty-Intra Day Chart (05-Oct-2016):-
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Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Last 5 hours Mixed Patterns between 8732-8762
3- Whole day actual trading between 8732-8806
Conclusions from intra day chart analysis
Following line was told in previous 2 sessions Outlooks:-
"Nifty will firstly trade and prepare for next decisive moves within 8700-8793"
Nifty traded whole days except 3 minutes within 8700-8793 in last 2 sessions with following patterns:-
1- More than 10 hours trading between 8732-8762 in last 2 sessions.
2- Both days consolidation with Down moves in Bullish Falling Channels
3- Volatility after RBI Credit Policy yesterday
4- Last 5 hours Mixed Patterns between 8732-8762 today
Although today closing near the lower levels of the day after some selling at higher levels but as such genuine selling patterns were not seen and consolidation patterns formations also therefore following levels should be firstly watched for one by one for confirmations of next trend because Nifty will trade and prepare for next trend within these ranges:-
1- 8732-8762(More than 10 hours trading range of last 2 sessions)
2- 8700-8793