Strong rally after sustaining above 9888
Market Outlook(03-10-2017)
As it was holiday yesterday and most Asian markets are trading with good gains after US markets strong rally yesterday night therefore Indian markets will react on these factors also resultant Intra Day Chart Analysis is not being updated.
Following lines were told on 28-09-2017 in "Levels will confirm next Trend":-
1- Above 9758 will mean Pull Back rally continuation but correction completion will be considered after sustaining above next resistances (9790-9834 and 9850-9888)
Nifty faced resistance at above mentioned 2nd resistance(9850-9888) last Friday and slipped 66 points in last hour after formation of intraday top at 9854.
Although last Friday closing was near the lower of the day after loosing most intraday gains but as such selling patterns were not seen and fresh patterns consolidation developed therefore last Thursday started Pull Back rally continuation is expected but correction completion will be considered only after sustaining above 9888.
As per our view next trend will be formed after RBI credit Policy tomorrow and posiitve surprise will mean fresh strong rally. As Short Term indicators are oversold therefore next 1/2 sessions will be Pull Back rally continuation days and strong rally will be seen if Nifty sustains above 9888.