Firstly Watch 8708-8723 for next trend after RBI Credit Policy
Intra Day Chart Analysis & Market Outlook
(09-08-2016)
Nifty-Intra Day Chart (08-Aug-2016):- |
| Just click on chart for its enlarged view |
1- Distribution Patterns between 8708-8723
2- Whole day actual trading between 8698-8723
Conclusions from intra day chart analysis
Although whole day positive zone trading after gap up opening and Green closing as well but selling patterns formations and completely under performance against all Global markets therefore an indication of some weakness developed today. RBI Credit Policy tomorrow and its announcements will decide next Short Term Trend but forceful break out of today highest or sustaining above today highest is must for fresh rally.
As high volatility can not be ruled out just before RBI Credit Policy and technical positions reverses also amid high volatility as well as Doji(indecision) candle formation today therefore finally sustaining beyond today selling range(8708-8723) should be firstly watched tomorrow for fresh rally above 8723 or Short Term correction below 8708.