7906 Will decide Next Trend amid GST and RBI Credit Policy led Volatility
Intra Day Chart Analysis & Market Outlook
(01-12-2015)
Nifty-Intra Day Chart (30-Nov-2015):- |
| Just click on chart for its enlarged view |
1- Multiple supports at lower levels between 7923-7941
2- Whole day actual trading between 7923-7966
Conclusions from intra day chart analysis
As intraday selling on 25th Nov and 26th Nov in previous week and technically Indian markets were not mature for strong rally as well as consolidation was firstly required therefore decisive up moves were not seen in last 2 sessions despite most Bullish news of GST passing possibility in current session of Parliament. We cautioned in all the previous outlooks regarding this aspect,resultant no Bullish moves and flat closing today.
We also told that 11 Sessions sideways market between 7714-7906 from Nov 09 to Nov 26,2015 with rounding bottom formation on EOD charts at the bottom of correction and this range was broken out on 27-11-2015 therefore follow up consolidation is firstly required above 11 sessions range highest(7906) for decisive up moves after big news of GST passing possibility.
Whole day trading above 7906 with multiple supports between 7923-7941 today which is first signal of sustaining above 7906 but whole day trading of today was under the shadow of GST news led heated sentiments therefore follow up consolidation with sustaining above 7906 is must in the coming sessions for decisive rally.
As RBI Credit Policy tomorrow and last 2 sessions trading with GST news led Bullish heated sentiments therefore volatility may be high tomorrow and but finally sustaining beyond 7906 will decide next trend and should be firstly watched in the coming sessions.