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Pre-closing Outlook(17-10-2014)

Although 13 Sessions range(7796-8030) broken down forcefully yesterday but confirmation was required through sustaining below 7796 therefore its requirement was updated in previous Outlook yesterday. Nifty traded most time below 7796 and consolidated at lower levels today as well as moved above 7796. Correction continuation and till now no confirmation of its completion. Deeper correction possibility is still alive through sustaining below 7796/7724(today lowest) and sustaining beyond these 2 levels should be firstly watched in next week for deeper correction confirmation or its completion..