Firstly Watch 8186 for Long Term Trend Confirmations amid Some More Down Moves Possibilities
Intra Day Chart Analysis & Market Outlook
(27-10-2015)
Nifty-Intra Day Chart (26-Oct-2015):- |
| Just click on chart for its enlarged view |
1- 4 Hours selling patterns formations between 8265-8290
2- Whole day actual trading between 8253-8336
Conclusions from intra day chart analysis
Although blasting Global markets in last 2 sessions due to ECB economic stimulus and Chinese interest rate cuts news but Nifty intraday patterns of previous week were showing selling patterns formations therefore we told following lines on 25-10-2015 in current week analysis topic "Short Term Correction Possibility amid Most Bullish News led Global Markets":-
Certainly Short Term Correction possibility amid most Bullish news led Global markets is suggesting to watch sustaining beyond following 3 levels one by one:-
1- Last Friday Highest(8328.10)
2- Last Wednesday Highest(8294.40)
3- 200 Day EMA(today at 8186)
As good selling in previous week therefore slipping immediately after gap up strong opening and 4 hours follow up selling patterns formations between 8265-8290 also which is within previous week selling range 8240-8294 therefore previous week resistance ranges have turned stronger and emergence of some more down moves possibilities in the coming session.
Last 6 sessions closing above Long Term Trend decider 200 Day EMA(today at 8186) and its turning up almost confirmations also but above mentioned selling patterns above it therefore sustaining it beyond should also be firstly watched in the coming 2/3 sessions for valid break out confirmations of 200 Day EMA which seems to be at stake after emergence of some more down moves possibilities towards and below it.