8400-8549 will confirm next trend
Intra Day Chart Analysis & Market Outlook
(08-11-2016)
Nifty-Intra Day Chart (07-Nov-2016):-
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| Just click on chart for its enlarged view |
1- Selling patterns formation between 8510-8532
2- Whole day actual trading between 8482-8532
Conclusions from intra day chart analysis
As FBI clears Clinton in Emails case therefore Dow's Futures was trading more than 220 points up today morning and in reaction all the Asian markets were blasting,resultant strong opening of Indian markets. Although such Bullish news but Indian markets completely under performed Global market and closed near the intraday lower levels of the day while almost all the Global markets closed near the higher levels of the day.
Selling was updated in following levels both in both previous Outlooks:-
1- Updated on 02-11-2016- 8532-8549
2- Updated on 03-11-2016- 8510-8537
As Nifty could not cross 1st selling(resistance) range despite such most strong Global cues and follow up selling was seen in 2nd selling(resistance) range therefore above mentioned selling(resistance) ranges will not be easily crossed. Until Nifty will not sustain above 8549 after complete follow up consolidation till then decisive up moves will not be seen.
As intraday charts of last Friday are showing suficiently good consolidation above 8400 therefore Nifty will not easily slip below it also and will firstly trade as well as prepare for post US Presidential Elections decisive moves between and near about 8400-8549.
Global markets news led today like high volatility can not be ruled out in the coming before Elections results 1/2 sessions and finally valid break out of 8400-8549 will confirm next trend.