RBI Credit policy is last Hope of Bulls amid All Global Markets Crashing
Intra Day Chart Analysis & Market Outlook
(29-09-2015)
Nifty-Intra Day Chart (28-Sep-2015):- |
| Just click on chart for its enlarged view |
1- Consolidation Patterns between 7832-7854
2- Consolidation Patterns between 7843-7862
3- Selling Patterns between 7866-7880
4- Selling Patterns between 7870-7890
5- 5 Hours Mixed Patterns between 7832-7890
6- Sudden fall with 100 points sharp fall in Dow's Futures and in all fast slipping of all European markets
7- Whole day actual trading between 7787-7890
Conclusions from intra day chart analysis
As first 5 hours trading was with both consolidation and selling therefore Mixed Patterns formations will be understood at higher levels of the day today. Although closing near the lower levels of the day after slipping from higher levels but after 100 points sudden sharp down moves in Dow's Futures and fast slipping of all the European markets.
Certainly higher levels complete selling was not seen and some consolidation was also seen in first 5 hours sideways trading therefore sustaining below first 5 hours trading range(7832-7890) is must for decisive down moves below today lowest(7787)
As Dow Jones is now trading 300 points down after more than 2% negative closing of all European markets therefore all the Asian markets may trade in deep Red on 29-09-2015 and resultant Indian markets will also open gap down but next trend will be decided according to RBI Credit policy announcements after 11:00 AM which is last hope of Bulls otherwise technically Nifty is well prepared to move towards 7104/6761 after crashing of all the Global markets.