Nifty Slipping below 6130
Technical Analysis and Market Outlook
(09-01-2014)
Nifty-Intra Day Chart (08-Jan-2014):-(09-01-2014)
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1- Good selling between 6181-6191
2- Minor support between 6165-6172
3- Whole day actual trading between 6161-6191
Conclusions from intra day chart analysis
30 Points range bound market with higher levels good selling and minor support therefore high possibility of slipping below the lowest of today. As selling was seen in previous 2 sessions and follow up good selling also seen today therefore now expected that Nifty will slip below 6130 and once sustaining below 6130 will mean mean correction continuation towards 200-Day EMA(today at 5959).