8365 and 8201 will decide Length and Life of today started Correction
Intra Day Chart Analysis & Market Outlook
(26-05-2015)Nifty-Intra Day Chart (25-May-2015):-
|Just click on chart for its enlarged view|
1- Mixed Patterns between 8415-8441
2- Mixed Patterns between 8365-8400
3- Whole day actual trading between 8365-8441
Conclusions from intra day chart analysis
Following lines were told at 01:28 AM on 23-05-2015 in "Firstly Short Term Correction but Sideways Trading between 8201-8489 in Next Week":-
1- firstly down moves will be seen in next week
2- Short Term Correction below day's lowest(8421) will be seen in the beginning of next week.
3- emergence of Short Term Correction possibility in the beginning of next week
4- Nifty will firstly slip
As was told 100% same happened and firstly down moves were seen today and Nifty traded whole day in Red as well as closed 88.70 points down today.
Although Nifty closed near the lowest of the day but today intraday patterns are showing mixed Patterns formations therefore firstly Nifty has to prepare for next decisive moves beyond today trading range. Expected that Nifty will firstly trade and prepare for next moves within and near about today trading range(8365-8441) and finally sustaining it beyond will decide next trend.
Only Short Term Correction was expected and it was seen today,let Nifty sustain below 8365 then correction continuation will be considered towards following next supports:-
1- Supports between 8247-8255
2- Supports between 8229-8250
3- Supports between 8157-8189
Detailed analysis with next resistances of Nifty have already been updated in Weekly analysis of this week and length of today started correction will be decided by following crucial levels also:-
1- 8365(Neckline of Bullish Inverted Head and Shoulders was broken out break out on 18-05-2015)
2- 8365(Top of 15 sessions trading range was broken out break out on 18-05-2015)
3- 8201(Last 7 sessions sustaining above Long Term Trend decider 200 Day EMA)
Nifty tested 8365 but closed above it today and firstly sustaining it beyond should be watched tomorrow because it will decide the valid break out of above mentioned Bullish pattern and trading range.
Short Term Correction is on and no confirmation of its completion yet, As length and life of today started correction will be decided by above mentioned 2 levels(8365 and 8201) therefore finally sustaining it beyond should be watched in the coming sessions for correction continuation / completion confirmations.