Next Short Term Trend Confirmation through Crucial Levels amid RBI Rates Cut Uncertainty
Post-open Outlook(05-04-2016)
Although Nifty closed near the higher levels of the day yesterday after gaining 45 points but intraday charts of yesterday have shown some selling patterns formations also therefore we told following line yesterday in "Final Confirmations of next Short Term Trend from 7582-7777":-
"possibility of some down moves after RBI Credit Policy can not be ruled out tomorrow"
Some down moves were told after RBI Credit Policy but down moves have been seen immediately after opening today and Nifty traded 42 points down within first minute of today trading.
Down moves as per our expectations have already been seen but a big event is ahead in which RBI will cut rates by 25 BPS and if 50 BPS or more is announced then some up moves amid high volatility will be considered but sustaining above 7777 is must.
Some down were projected for today which have already been seen. certainly rates cut uncertainty but Post RBI Credit Policy moves will be decided according intraday charts patterns formation up to 10:45 AM today and next Short Term Trend confirmation will be according to valid break out of following crucial levels:-
1- 7667-7777(first signal)
2- 7582-7777(final confirmations)