Crucial levels will decide Nifty response to Credit Policy
Technical Analysis and Market Outlook
(07-04-2015)
Nifty-Intra Day Chart (06-Apr-2015):- |
| Just click on chart for its enlarged view |
1- Almost 4 hours sideways trading with mixed Patterns between 8574-8600
2- Last more than 2 hours up moves in Bearish Rising Channel
3- Whole day actual trading between 8574-8667
Conclusions from intra day chart analysis
Following resistances were updated 04-04-2015 in "Positive Surprise by RBI on 7th Apr will mean Strong Rally this time":-
1- 8738-8788
2- 8805-8825
3- 8920-8943
4- 9023-9096
Importance of 8521-8627 was told in almost all the Outlooks of last 1 week and Nifty closed above it today but as such consolidation patterns were not seen at lower levels and last more than 2 hours up moves were in Bearish Rising Channel as well as today closing is within above mentioned 1st resistance range therefore firstly sustaining beyond following levels should be watched tomorrow for next trend confirmations;-
1- Forceful break out or sustaining above 8825 will mean clearing 2 resistances and fresh rally after correction completion.
2- Forceful break down or sustaining below 8627 will mean fresh down moves after Pull Back Rally completion in 1st Resistance range.
As RBI Credit Policy tomorrow therefore Indian Markets may be highly volatile also and finally above crucial levels will decide Nifty response to Credit Policy.