9920 will confirm fast up
Intra Day Chart Analysis & Market Outlook
(06-10-2017)
Nifty-Intra Day Chart (05-Oct-2017):-
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| Just click on chart for its enlarged view |
1- Volatility in first hour
2- More than 4 hours consolidation between 9894-9920
3- Slipping in last hour
4- Whole day actual trading between 9882-9945
Conclusions from intra day chart analysis
Following lines were told on 03-10-2017 in "Market is well prepared for strong rally ":-
1- on going rally continuation above 9871
2- RBI credit Policy tomorrow but Indian markets are well prepared for strong rally and posiitve surprise from it will mean fresh more than 100 points strong rally tomorrow.
Although no positive announcements from RBI credit Policy but Nifty closed near the top of the day on 04-10-2017 and more than 4 hours consolidation between 9894-9920 on 05-10-2017 therefore up moves are expected in the coming sessions.
As yesterday closing was near the lower levels of the day therefore valid break out of 9920 should also be firstly watched today for on going rally continuation confirmations and once its happening will mean will mean fast up moves.