Finally 8097-8139 will decide next big trend but view is Bullish
Intra Day Chart Analysis & Market
Outlook(09-10-2015)
Nifty-Intra Day Chart (08-Oct-2015):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Consolidation Patterns between 8106-8139
3- Whole day actual trading between 8106-8180
Conclusions from intra day chart analysis
Although Nifty closed near the higher levels of the day yesterday but intraday selling patterns formations were seen therefore we told following conclusive lines yesterday in "Intra Day Chart Analysis & Market Outlook(08-10-2015)":-
1- selling market signals generation today.
2- As consolidation patterns were also seen and today closing was near the higher levels of the day also therefore firstly sustaining it beyond should be watched tomorrow
Condition of sustaining above yesterday closing(8177.40) was told and Nifty could not sustain above it. Nifty slipped to 8175 in first 21 seconds and after that whole day traded today below 8180 as well as closed near the lower levels of the day at 8129.35.
Although today closing near the lower levels of the day but firstly Down moves in Bullish Falling Channel and consolidation Patterns formations in last 4 hours between 8106-8139. As consolidation between 8097-8115 on 06-10-2015 and follow up consolidation was seen within and above it today therefore if Nifty sustain above 8139 then that will be strong indication valid break out confirmation of last 27 sessions range(7540-8092) resultant immediate strong rally towards and above 8200.
Finally 8097-8139 will decide next big trend but view is Bullish despite 48 points negative closing near the lower levels of the day today.