Correction Continuation Expectations
Intra Day Chart Analysis & Market Outlook
(23-12-2015)
Nifty-Intra Day Chart (22-Dec-2015):- |
| Just click on chart for its enlarged view |
1- More than 4 hours up moves in Bearish Rising Channel
2- Sharp down after intraday selling patterns formations
3- Whole day actual trading between 7777-7846
Conclusions from intra day chart analysis
Following lines were told yesterday in "Short Term correction in the coming 2/3 sessions":-
1- selling patterns formations will be understood between 7793-7840 in last 2 sessions
2- expected that Nifty will not sustain above today highest
3- finally down moves will be seen below today lowest(7733.45) in the coming 2/3 sessions after follow up selling
Follow up selling was firstly seen today through more than 4 hours up moves in Bearish Rising Channel. As this Bearish pattern formation was between last 2 sessions selling range(7793-7840) therefore sharp down moves below 7793 and closing also below this range at 7786.10 today.
Pull Back started on 14-12-2015 from 7551.05 and strong signals of its completion after last 3 sessions selling between 7793-7840. As such good selling therefore expected that more down moves will be seen towards the bottom of on going Pull Bach rally and possibility of slipping below the bottom(7551) of on going pull back rally also can not be ruled out because no confirmation of that big correction completion which started on 04-03-2015 from 9119.20.
As Dow Jones is now trading more than 120 points up and if it close such strong today and Asian markets also react such Bullishness tomorrow then some intraday volatility may be seen within today trading range(7777-7846) tomorrow but finally correction continuation is expected in the next 1/2 sessions.