Finally view is turning Bearish
Intra Day Chart Analysis & Market Outlook
(10-04-2018)
Nifty-Intra Day Chart (09-Apr-2018):-
 |
| Just click on chart for its enlarged view |
1- Sharp up after flat opening
2- Selling Patterns formation between 10378-10397
3- Whole day actual trading between 10340-10397
Conclusions from intra day chart analysis
Following lines were told on 05-04-2018 in "US markets led rally continuation toward next resistances":-
US markets led rally continuation is expected toward following next resistances:-
1- 10378-10420
2- 10446-10478
Although US markets tumbled more than 2% last Friday but Asian markets were trading strong today morning therefore sharp up after flat opening.
Next resistances between 10378-10420 were updated on 05-04-2018 and fresh selling was seeen within this range today between 10378-10397 therefore view is turning Bearish because Short Term indicators have also turned overbought.
US markets are now trading more than 1.5% up at this moment and if such strength develops in asian markets also then some up moves can not be ruled in Indian markets tomorrow morning but until Nifty will not sustain above 10420 till then any type of up moves will not be considered. Fresh selling and once sustaining below 10378 will mean correction of that Pull Back rally which begun on 23-03-2018 from 9951.90.
Finally view is turning Bearish despite 0.46% positive closing after whole day positive zone trading today and strong US markets at this moment.