Fresh Rally from 9th Nov after consolidation pattern formations today
Intra Day Chart Analysis & Market Outlook
(06-11-2015)
Nifty-Intra Day Chart (05-Nov-2015):- |
| Just click on chart for its enlarged view |
1- Whole day all the Down moves in Bullish Falling Channels
2- Whole day actual trading between 7945-8031
Conclusions from intra day chart analysis
Although whole day down moves and more than 1% negative closing also today but all the Down moves were in Bullish Falling Channels therefore it is a signal of some up moves tomorrow. Last 3 sessions trading between 7996-8152 with following supports and resistances:-
1- Next supports are between 7996-8016
2- Next resistances are between 8108-8152
Nifty moved down and closed below last 3 sessions range and mentioned supports range has also been broken down today which is a strong signal of decisive down moves. As today all the down moves were in Bullish Falling Channels which is a consolidation pattern also and intraday selling patterns were not seen today therefore firstly sustaining below 7996 should be watched because that will be fresh deep down moves confirmation.
Short Term indicators are oversold and above mentioned whole day consolidation pattern formations also today therefore once valid break out of 7996 will also mean first strong indication of that correction completion which started from 8336.30 on 26-10-2015.
As per our view Indian stock markets have been technically prepared today for fresh rally after on going correction completion and its trigger will NDA clear victory in Bihar Polls which we are expecting also. Let it happen on 8th Nov then fresh rally will be seen on 9th Nov 2015.