Crucial levels will confirm next trend
Intra Day Chart Analysis & Market Outlook
(08-05-2018)
Nifty-Intra Day Chart (07-May-2018):-
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| Just click on chart for its enlarged view |
1- Consolidation between 10636-10663
2- Up moves with intraday corrections
3- Whole day actual trading between 10636-10725
Conclusions from intra day chart analysis
As good intraday consolidation between 10602-10666 last Friday therefore strong rally today after positive opening because sharp up moves were seen in US markets last Friday and most Asian and European markets also remained positive whole day today.
Nifty will firstly prepare for next decisive moves within last 6 sessions trading range(10602-10770) which is having following supports and resistances:-
1- Supports between 10602-10663
2- Resistances between 10722-10770
As per our view Indian markets have to react following 2 big news in next week:-
1- Donald Trump decision of sanctioning on Iran on 12-05-2018. Indian markets will react on this news on 14-05-2018
2- Karnataka assembly election results which was previously indicaing hung Assembly after results but heavy crowd in Modi ji's public meetings is suggesting clear victory of BJP also. Indian markets will also react on this news on 14-05-2018 after Exit poll results on 12th May evening.
As last 6 sessions trading levels(10602-10770) has become most crucial therefore firstly sustaining it beyond should be watched for next trend confirmations