Just Watch Crucial levels amid Global Markets led High volatility
Intra Day Chart Analysis & Market Outlook
(05-02-2016)
Nifty-Intra Day Chart (04-Feb-2016):- |
| Just click on chart for its enlarged view |
1- Only intraday volatility
2- Whole day actual trading between 7366-7457
Conclusions from intra day chart analysis
As Dow Jones closed 183 points up yesterday and its Futures was also trading more than 65 points up today morning therefore most Asian markets were trading in Green and some were more than 1% up,resultant Indian markets opened with good gains as well as Nifty moved up 65 points in first 2 minutes. Although Nifty closed 42 points up today but on EOD chart Doji candle(indecision) formation today which means market is undecided for any side next Short Term Trend.
As Nifty got supports at and above 7350 and in last 2 sessions and next supports below it are between 7242-7320 therefore if finally Nifty sustains above it then fresh rally will be seen after previous Pull Back Rally correction completion.
High volatility in all the Global markets therefore in reaction Indian markets also remained very choppy in this week and as such one sided intraday technical positions formation were also not seen in previous sessions. As no gossiping never guessing and whatsoever intraday charts analysis suggest,only that is always updated therefore let clear patterns develop then next decisive moves will be updated accordingly otherwise till then just watch above mentioned crucial levels for confirmation amid such high volatile markets:-
1- Next supports are between 7242-7320 and its valid breaking down will mean again decisive down moves.
2- Next resistances are between 7552-7640 and its valid breaking out will mean fresh strong up moves.