Firstly Watch last 2 Hopes of Bulls
Intra Day Chart Analysis & Market Outlook
(06-04-2016)
Nifty-Intra Day Chart (05-Apr-2016):- |
| Just click on chart for its enlarged view |
1- Sideways trading between 7706-7733 before RBI Credit Policy
2- High volatility after RBI Credit Policy
3- Whole day actual trading between 7588-7733
Conclusions from intra day chart analysis
As some selling yesterday therefore firstly weak opening of Indian markets and after that sideways trading between 7706-7733 before RBI Credit Policy but high volatility immediately after its announcements and 55 points sharp recovery was also seen after sharp fall because there was nothing adverse in policy because MSF rate was also reduced by 75 basis points with 25 BPS Repo Rate cut.
As Dow's Futures slipped 145 points and most European markets were also more than 2% down therefore whole day down moves remained continued in Indian markets and closing was near the lower levels of the day but following 2 last hopes for Bulls remained alive:-
1- Today closing was above 7600 which is Neckline of 48 sessions Inverse Head And Shoulders pattern.
2- Today lowest(7588.65) and closing is above Last 9 sessions trading range(7582-7777)
Although 2% down markets today but not due to RBI Credit Policy but on the back of most depressing all Global markets and firstly sustaining beyond 7600/7582 should be watched tomorrow for today started correction continuation/completion and it should also be kept in mind that deeper correction will be seen only after sustaining below 7582.