Finally fresh up Moves after follow up consolidation amid Global markets Bearishness
Intra Day Chart Analysis & Market Outlook
(08-04-2016)
Nifty-Intra Day Chart (07-Apr-2016):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channels
2- Whole day actual trading between 7536-7606
Conclusions from intra day chart analysis
Although whole day negative zone trading with closing below the Neckline(7600) of 48 sessions Inverse Head And Shoulders pattern and also below last 11 sessions lowest(7582) but as such selling patterns were not seen and on the contrary consolidation through down moves in Bullish Falling Channels also developed today therefore it will be understood that Indian markets are under consolidation process and fresh up moves will be seen very shortly after its completion.
As all the European markets slipped fast after 01:30 PM and Dow's Futures also lost 80 points therefore in reaction Indian markets tumbled and breaking down confirmation of 7582/7600 is still required despite today closing below these levels.
As Dow Jones is now trading more than 120 points down and all the European markets are also in Red therefore if such Global markets Bearishness remains continued till tomorrow then in reaction some volatility may be seen in Indian markets also but expected that finally fresh up moves will be seen after follow up consolidation near about and between 7536-7635 because last 2 sessions intraday charts are showing consolidation patterns formations.