Decisive Big Moves beyond 7996-8152 after Bihar Election Results
Intra Day Chart Analysis & Market Outlook
(05-11-2015)
Nifty-Intra Day Chart (04-Nov-2015):- |
| Just click on chart for its enlarged view |
1- More than 5 hours Mixed Patterns between 8070-8094
2- Whole day actual trading between 8028-8116
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly Watch 7996 amid Some More Down Moves":-
As good selling today therefore some more down moves towards yesterday lowest(7996) will be seen tomorrow
Although all the Asian markets were blasting today morning but we were not Bullish therefore we told following lines today at 07:45 AM in "Firstly Watch 8100 amid Blasting Asian Markets":-
1- strong opening will be seen in Indian markets
2- Clear selling patterns formations between Selling between 8081-8100 yesterday
3- firstly sustaining above 8100 should be watched for first signal of decisive up moves.
As was told 100% same happened today and Nifty could not sustain above 8100 as well as whole day down moves were seen after strong gap up opening and today negative zone closing was at the lowest of the day.
Although today closing near the lower levels of the day after slipping 88 points from higher levels but more than 5 hours trading with Mixed Patterns formations between 8070-8094 today therefore final view will be formed after consideration of following points:-
1- Next big moves will be seen on 6th or 9th Nov according to Bihar Assembly Elections Exit Poll results after 05:00 PM tomorrow.
2- Next supports are between 7996-8016
3- Next resistances are between 8108-8152
As clear selling patterns formations between 8061-8100 yesterday therefore Nifty could not sustain above it despite strong Asian and European markets today but more than 5 hours trading with mixed Patterns within this range between 8070-8094 today therefore it is clear that Indian markets are not technically prepared for any side decisive moves and will trade as well as prepare for next trend between 7996-8152 tomorrow because above mentioned supports and resistances are lying within this range.
As decisive big moves will be seen beyond 7996-8152 after Bihar Election results on 6th or 9th Nov therefore Nifty will remain sideways and prepare for it within this range tomorrow. Let clear technical positions formations develop then will be updated according to intraday charts patterns formations.