Sustaining above today highest will mean strong rally beginning after last 10 sessions trading range breakout
Nifty-Intra Day Chart Analysis &
Market Outlook(07-11-2024)
Nifty-Intra Day Chart (06-Nov-2024):-
Technical Patterns formation in today intraday charts
1- 104 Points down in first 10 minutes
2- Volatility between 24286-24415
3- Up moves with downward corrections
4- Selling between 24445-24537
3- Whole day actual trading between 24205-24537
Conclusions from intra day chart analysis
As high possibility of Donals Trump victory developed after US President Election votes counting beginning therefore Dow Jones closed 427 points up yesterday and its Futures was trading more than 550 points up today morning hence Nifty opened 95 points up but slipped 104 points down also in first 10 minutes and traded in negative zone also below 24229 because Profit Booking was seen between 24170-24229 yesterday.
Intraday upward moves which started from lower levels remain continued with Donald Trump continued victory results declaration. Although firstly up moves were with downward corrections but higher levels selling was also seen between 24445-24537 because sentiment turned heated after:-
1- US President Election declared results confirmation of Donald Trump victory.
2- Positive opening of all European markets.
3- Dow Jones Futures was trading more than 800 points up.
9 Previous sessions highest was at 24492.60 and Nifty closed just below it at 24484.05 today after forming today highest at 24537.60. As higher levels selling was also seen therefore firstly more consolidation is required for fresh upward moves beginning after sustaining above today highest. It should be kept in mind that once sustaining above today highest will mean strong rally beginning after last 10 sessions trading range breakout.