Correction Continuation Expectations with new Low of on going Correction below 7539.50
Intra Day Chart Analysis & Market Outlook
(15-12-2015)
Nifty-Intra Day Chart (Dec 09 to Dec 14,2015):- |
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1- Last 4 Sessions with Mixed Patterns formations trading between 7620-7691
2- Supports between 7572-7621 in last 2 sessions
2- Last 4 Sessions most time trading between 7620-7691
Nifty-Intra Day Chart (14-Dec-2015):-
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1- Support between 7572-7597
2- 93 Points Bounce in first Hour
3- More than 5 hours trading with Mixed Patterns formations between 7620-7663
4- Volatility in last hours
5- Whole day actual trading between 7552-7663
Conclusions from intra day chart analysis
What so ever happened in Indian markets today,all that were updated well before its happening through intraday charts analysis. Live proofs of such accurate projections are as follows:-
Following lines were told yesterday in "Correction Continuation after 1/2 Sessions Intraday Volatility":-
1- a bounce back is firstly expected from lower levels
2- possibility of recovery from lower levels can not be ruled out
3- 1/2 sessions intraday volatility.
Following lines were told today at 11:23 AM in "Firstly Watch Next Crucial levels after 93 Points Bounce in first Hour Today ":-
Correction is on and some selling was seen between 7655-7691 in last 3 sessions therefore follow up moves with sustaining beyond these crucial levels should be firstly watched for next decisive moves.
As was told in both previous Outlooks 100% same happened in following manner today:-
1- 93 Points Bounce from lower levels was seen in first Hour today.
2- Volatility was seen in last hours today.
3- As some selling between 7655-7691 in last 3 sessions therefore Nifty could not move above it and closed below these levels at 7650.05 after facing resistance within this range.
Certainly some supports at lower levels today and Indian markets completely out performed all Global markets. Lower levels good supports between 7572-7621 in last 2 sessions therefore first signal of consolidation and follow up selling is also firstly required for decisive down moves below 7572. As last 4 sessions trading between 7620-7691 with Mixed Patterns formations therefore more consolidation is also required for Pull back rally above 7691.
Correction is still on and no confirmation of its completion yet and only some consolidation were supports were seen at lower levels in last 4 sessions. Expected that Nifty will trade between last 4 sessions actual trading range(7572-7691) and prepare for next decisive moves after FOMC announcements on 17-12-2015. Although rates hike is confirm by FOMC but this news is well discounted in all the Global markets and further down moves will not be considered only on the back of this news.
As technically most Bearish development is 57 sessions Head and Shoulders pattern's Neckline(7722) breaking down confirmation which is giving some more down moves indications therefore correction continuation and new low of on going correction is still expected below 7539.50 after follow up selling within last 4 sessions actual trading range(7572-7691).