Sideways 16 Sessions trading Range will confirm next Short Term Trend
Intra Day Chart Analysis & Market Outlook
(02-11-2016)
Nifty-Intra Day Chart (01-Nov-2016):-
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1- Consolidation between 8615-8638
2- Up moves in Bearish Rising Channel
3- Mixed Patterns between 8651-8669
4- Down moves after slipping of all European markets and Dow's Futures.
5- Whole day actual trading between 8615-8669
Conclusions from intra day chart analysis
Although closing near the lower levels of the day but lower levels intraday supports after good consolidation was also seen therefore until Nifty will not sustain below today lowest(8615) till then decisive down moves will not be seen. As up moves Up moves in Bearish Rising Channel and higher levels trading with Mixed Patterns formations therefore sharp down moves after slipping of all European markets and Dow's Futures.
As both consolidation and selling patterns formations today therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about today trading range(8615-8669)
Short Term Trend is sideways between 8507-8728 for the last 16 Sessions with lower levels consolidation and higher levels selling. Finally valid break out of this range will confirm next trend which should be first watched in the coming sessions because Nifty require more preparations after both Consolidation and selling patterns formations within this range today and in previous sessions.