Firstly Watch 8323-8374 for Next Trend Confirmation
Intra Day Chart Analysis & Market Outlook
(10-07-2015)
Nifty-Intra Day Chart (09-Jul-2015):- |
| Just click on chart for its enlarged view |
1- Minor selling at higher levels
2- More than 5 hours Down moves in Bullish Falling Channel
3- Whole day trading between 8323-8400
Conclusions from intra day chart analysis
Although more than 5 hours Down moves in Bullish Falling Channel with minor selling at higher levels but Indian markets completely under performed Global markets in following manner:-
1- At the opening time of Indian markets Hang Seng was more than 700 points up and Shanghai was in Green but Indian markets moved into Red within 15 minutes after little positive opening and in this manner under performed immediately after opening.
2- All the Asian markets closed after strong recovery from lower levels and following closing was of main markets:-
1- Shanghai closed 5.79% up
2- Hang Seng closed 3.73% up
When above 2 markets were down yesterday then Indian markets were sharply down but today Indian markets traded flat to negative despite such strong closing of these markets therefore in this manner completely under performed today.
3- All the European markets opened and traded more than 1% up and Dow's Futures was also most time more than 150 points up but no positive reaction from Indian markets and Red closing after slipping therefore in this manner completely under performed today.
As such high under performance by Indian markets today therefore possibility of whole day selling on the back of strong Global cues led sentiment can not be ruled out today. Only slight hope for the Bulls is more than 5 hours Down moves in Bullish Falling Channel therefore firstly valid break out of today actual trading range(8323-8374) should be watched tomorrow for next trend confirmation.