Global markets pressure led Correction Continuation
Intra Day Chart Analysis & Market Outlook(
04-05-2016)
Nifty-Intra Day Chart (03-May-2016):-
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1- 89 Points recovery in first 30 minutes
2- More than 3 hours trading with Mixed Patterns between 7861-7890
3- Sharp down after deep Red opening of all the European markets and 100 points fall in Dow's Futures
4- More than last 2 hours trading with Mixed Patterns in between 7736-7773
5- Whole day actual trading between 7736-7771
Conclusions from intra day chart analysis
Following lines were told on 02-05-2016 in "Firstly Up Moves Expectations"
up moves within last 11 Sessions actual trading range(7778-7992) will be seen in the coming sessions.
As most Asian markets are trading in Red therefore following lines were told yesterday at 07:59 AM in "Pre-open Outlook(03-05-2016)":-
up moves within last 11 Sessions actual trading range(7778-7992) will be seen in the coming sessions
89 Points up move was seen in first 30 minutes yesterday despite most Asian markets Red zone trading but slipping sharply also after deep Red opening of all the European markets hence yesterday trading will be understood Global markets sentiments affected and not on the back of technical positions formations because more than 5 hours trading was with Mixed Patterns at higher levels and lower levels of the day.
Although more than 5 hours trading with Mixed Patterns but yesterday closing was below the lowest of last 11 sessions amid global markets pressure and still Global markets slipping is continued therefore Apr 28,2016 started correction continuation will be seen towards next supports between 7680-7715. As Indian markets down moves are Global markets pressure led and not on the back of as such technical positions formations therefore once Global markets improvement may result sharp recovery in Indian markets also.