Very Short Term Correction on Cards
Technical Analysis and Market Outlook
(20-11-2013)
Nifty-Intra Day Chart (19-Nov-2013):-Technical Analysis and Market Outlook
(20-11-2013)
 |
| Just click on chart for its enlarged view |
1- Good selling at higher level between 6200-6212
2- Whole day actual trading between 6181-6212
Conclusions from intra day chart analysis
As good selling at higher level therefore some down moves and slipping below today lowest(6181) is expected tomorrow despite today closing near the higher levels of today. All trends are up and implusive Wave-3 continuation but very Short Term correction is possible tomorrow because good selling today. Follow up moves and sustaining beyond next supports(6131-6139) should be watched for:-
1- Deeper correction after sustaining below 6131 or
2- Correction completion after sustaining above 6139
Range bound market is expected between 6131-6212 in the coming sessions and sustaining beyond this range will firstly decide the size of expected very Short Term correction on 20-11-2013.