Next Trend Confirmation from Levels Despite Today Closing near the Higher Levels of the Day
Intra Day Chart Analysis & Market Outlook
(13-05-2016)
Nifty-Intra Day Chart (12-May-2016):- |
| Just click on chart for its enlarged view |
1- Whole day Volatility
2- Down moves with European markets slipping
3- Up moves with strong recovery in all European markets and 100 Points surge in Dow' Futures
4- Minor selling patterns formations between 7886-7902
5- Whole day actual trading between 7850-7916
Conclusions from intra day chart analysis
Whole day Volatility in following manner today:-
1- Firstly up after positive opening
2- More than 3 hours continuous down moves
3- More than 2 hours continuous up moves
As whole day volatility and as such no intraday big position formation except minor selling patterns formations between 7886-7902 therefore view is still wait and watch because:-
1- Minor selling between 7886-7902 today which is within and near about those resistances which have been updated previous Outlook yesterday.
2- Only intraday volatile market today and technical positions reverses also during such high intraday volatility.
3- Clear intraday patterns are required to understand FIIs strategy after Mauritius treaty.
As last 2 hours up moves were the reaction of strong recovery in all European markets and 100 Points surge in Dow' Futures therefore first signal of decisive up moves will be only after sustaining above today highest(7916) because minor selling patterns formations were also seen today.
Next resistances above today highest are between 7900-7932 and only sustaining above 7932 will give first indication of Bullish implication after Mauritius treaty but finally next trend confirmation will be after sustaining beyond 7678-7992 after this event and should be watched despite today closing near the higher levels of the day.