7715 Will Confirm Strong Bounce above 7800
Intra Day Chart Analysis & Market Outlook
(05-05-2016)
Nifty-Intra Day Chart (04-May-2016):- |
| Just click on chart for its enlarged view |
1- Whole day Down moves in Bullish Falling Channels
2- Whole day actual trading between 7698-7749
Conclusions from intra day chart analysis
Following line was told at 08:12 AM today in "Global markets pressure led Correction Continuation":-
correction continuation will be seen towards next supports between 7680-7715
As was told 100% same happened today with correction continuation towards 7680-7715 and also closing within this range at 7706.55 with today lowest also formation between this range at at 7697.25.
Although 0.52% down closing with whole day negative zone trading but whole day today trading was with Down moves in Bullish Falling Channels therefore it will be understood that Indian markets are under consolidation process and once valid break out of mentioned supports range(7680-7715) will mean strong bounce above 7800.
As sentiment is extremely depressed due to more than 1% down closing of all European markets after Red closing of all Asian markets and Dow Jones is also trading more than 120 points at this moment but our view is turning Bullish with the expectations of fresh up moves above 7800 in the coming 1/2 sessions because emergence of consolidation process beginning signals today.
As no confirmation of on going correction correction completion yet and Global markets are in crashing like situation therefore for precaution valid break out of mention supports range(7680-7715) should be also firstly watched.