8400-8549 will Confirm next Trend
Intra Day Chart Analysis & Market Outlook
(10-11-2016)
Nifty-Intra Day Chart (09-Nov-2016):-
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| Just click on chart for its enlarged view |
1- More than 4 hours consolidation between 8180-8345
2- Whole day actual trading between 8003-8476
Conclusions from intra day chart analysis
As all the Global markets were crashing due to emergence of Donald Trumpt winning possibility in US Predential elections therefore more than 5% weak opening but 200 points recovery from lower levels in first 5 minutes and after that more than 4 hours consolidation between 8180-8345 therefore until Nifty will not sustain below 8180 after follow up selling till then decisive down moves will not be seen.
Fibonacci Retracement levels of Wave-iii of Wave-3(7927-8968) were updated on 30-10-2016 in "Fresh Bullish Moves require confirmations due to Indo-Pak border Tension". Nifty recovered strongly after retracing up to 88.6% which is a strong signal of corrective Wave-iv of Wave-3 completion after panic bottom formation at 8002.25 today.
As highly volatile US markets today and in reaction some volatility may be seen in Indian markets also but finally sustaining beyond 8400-8549 will confirm next trend and that should be firstly watched tomorrow