Next Trend decider at 5605 after passing of Pension Bill in Lok Sabha
Nifty-Intra Day Chart (04-Sep-2013):- |
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1- Consolidation between 5376-5420
3- Whole day actual trading between 5376-5460
Conclusions from intra day chart analysis
Good consolidation at lower levels of the day and closing near the highs of the day after strong opening yesterday therefore positive market is expected today. It should be kept in mind that all the financial markets are highly volatile nowadays due to uncertainty on Syria issue. Its few examples are as follows:-
1- Gold increased Rs 1800/- on 2nd and 3rd Sep but down Rs 1803/- yesterday.
2- Gold increased almost Rs 4000/- on 2nd and 3rd Sep but down Rs 4120/- yesterday.
3- Crude increased Rs 490/- on 2nd and 3rd Sep but down Rs 366/- yesterday.
4- Copper increased Rs 25/- on 2nd and 3rd Sep but down Rs25.95/- yesterday.
5- Nickel increased Rs 30/- on 2nd and 3rd Sep but down Rs36.20 yesterday.
6- Aluminium increased Rs 4.95 on 2nd and 3rd Sep but down Rs6.25 yesterday.
7- USDINR increased Rs 2.05 on 2nd and 3rd Sep but down Rs .60 yesterday after slipping Rs 1.50 from intraday higher levels.
As Global and local news led high volatility therefore cautious view is required.
Most Asian markets are trading with good gains after positive closing in US markets yesterday therefore sentiment boosted today morning and gap up opening will be seen in Indian markets. As Land Acquisition Bill passed in Rajya sabha and Lok Sabha clears pension bill(foreign investors can hold 26% stake) yesterday therefore sentiment is most strong in Indian markets and expected that good gains will be seen in Indian markets. Next Resistances are as follows:-
1- 5490-5528
2- 5530-5605
As most Bullish sentiment because Congress and BJP joined hands to pass much awaited Pension Bill in Lok Sabha therefore now sustaining beyond 5605 should be watched in the coming sessions for next big trend confirmations.