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Firstly Watch Crucial levels amid High Volatility

Intra Day Chart Analysis & Market Outlook

(06-05-2016)

Nifty-Intra Day Chart (05-May-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 7707-3329
2- High volatility according to the European markets.
3- Whole day actual trading between 7707-7777

Conclusions from intra day chart analysis 

Following lines were told yesterday in "7715 Will Confirm Strong Bounce above 7800":-

1- more than 1% down closing of all European markets after Red closing of all Asian markets and
2- Dow Jones is also trading more than 120 points at this moment
3- our view is turning Bullish with the expectations of fresh up moves above 7800

When sentiment was extremely depressed yesterday then we told for fresh up moves which was seen also today through Nifty whole day Green zone trading and 0.38% positive closing after intraday highest formation at 7777.55. Indian markets were highly volatile according to the volatility in European markets which will be clear from following charts:-

European markets and Nifty-Intra Day Chart (05-May-2016):-

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This peculiar character has been developed recently that many times Indian markets reacts exactly according to the moves in European markets and Dow's Futures which was seen today also as depicted above that last 3 hours of Nifty volatility is same as first 3 hours(from 12:30 PM to 03:30 PM IST) volatility in European markets. 

As technical positions reverses in such like today high volatility therefore immediate next moves will be understood according to first 1/2 hours intraday patterns formation tomorrow and firstly sustaining beyond crucial levels(7680-7777) should be watched for next immediate decisive moves confirmations.