Next Trend Confirmations through levels amid Global Markets volatility and Notes Banning news led Uncertainty
Intra Day Chart Analysis & Market Outlook
Nifty-Intra Day Chart (10-Nov-2016):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts
1- Selling patterns formation between 8550-8598
2- Whole day actual trading between 8511-8598
Conclusions from intra day chart analysis
As all the Global markets were blasting therefore strong up moves after gap up opening and crossing of resistance at 8549 also but fresh selling just above it between 8550-8598 which is an indication of more preparation requirement through fresh consolidation for fresh rally.
In fact all the Global markets were highly volatile therefore Indian markets could not sustain beyond any crucial level. Trading range between 8400-8549 was updated in all 3 previous Outlooks and Nifty closed within it in all 3 previous sessions despite consolidation below it between 8180-8345 on 09-11-2016 and selling above it between 8550-8598 on 10-11-2016.
Although strong up moves in US markets yesterday but SGX Nifty is 134 points down today morning which may be due to Rs.500 and Rs.1000 notes banning and weakness in some Asian markets. As such high Global markets and news led volatility as well as some uncertainty due Notes banning news therefore it will be better to get next trend confirmations through sustaining beyond following levels:-
1- 8400-8549(First indication)
2- 8180-8598(Final confirmation)