7 sessions trading range will confirm next Trend
Intra Day Chart Analysis & Market Outlook
(02-05-2018)
Nifty-Intra Day Chart (30-Apr-2018):-
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| Just click on chart for its enlarged view |
1- Selling between 10722-10759
2- Whole day actual trading between 10722-10759
Conclusions from intra day chart analysis
As most Asian markets were trading strong last Friday therefore positive opening but completely underperformed and closed 0.44% up while most Asian markets closed after gaining more than 0.90% points.
Whole day actual trading within 37 points between 10722-10759 with selling patterns formations is indicating fresh down moves beginning below 10722.
I am Bearish since long but sorry to say that I have proved completely wrong this time because rally extended due to good Quarterly results of IT companies and strong Global markets also.
7 sessions sideways trading was between 10510-10638 before 27-04-2018 and this range was broken out last Friday on the expectation of strong RIL quarterly results as well as whole day selling was seen on 30-04-2018 therefore firstly sustaining above 7 sessions trading range highest(10638) should be firstly watched in next week for the confirmation of on going rally continuation. If finally Nifty sustainins below 10638 then be cautious because sustaining below 7 sessions trading range lowest(10510) will be strong signal of on going rally completion and correction continuation towards and below 10000.