Rally will gain strong Momentum above 8152
Intra Day Chart Analysis & Market Outlook
(03-11-2015)
Nifty-Intra Day Chart (02-Nov-2015):- |
| Just click on chart for its enlarged view |
1- Consolidation between 7996-8016(Immediate Supports)
2- Whole day actual trading between 7996-8060
Conclusions from intra day chart analysis
Although lower levels consolidation between 7996-8016 and this range will be immediate support of Nifty also but last hours up moves were on the back of European markets and Dow's strong recovery from lower levels therefore follow up consolidation with sustaining above today lowest(7996) is must for beginning of fresh decisive rally.
As Short Term oscillators are oversold and Bullish Hammer candle formation on today EOD chart therefore certainly indications of some more up moves but Short Term Trend reversal and strong momentum will be seen only after sustaining above next resistances between 8108-8152
Expected that some more up moves will be seen but Nifty will remain sideways between 7996-8152 tomorrow and follow up technical positions formations within this range will decide next decisive moves.