Signals of Pull back rally correction beginning
Intra Day Chart Analysis & Market Outlook
(31-12-2015)
Nifty-Intra Day Chart (30-Dec-2015):- |
| Just click on chart for its enlarged view |
1- Mixed Patterns between 7924-7942
2- Down moves after down moves beginning in European markets
3- Whole day actual trading between 7890-7942
Conclusions from intra day chart analysis
Consolidation between 7921-7942 yesterday and firstly 4 hours trading within this range with Mixed Patterns between 7924-7942 today and last 2 hours slipping after down moves beginning in all the European markets.
Following resistance ranges were updated on 27-12-2015 in "Firstly Watch Crucial Levels for the Fate on going Pull Back Rally":-
1- 7877-7897
2- 7917-7934
3- 7953-7968
Nifty failed to test 3rd resistance range in last 2 sessions and slipped below yesterday lowest today which is a signal of correction beginning of that Pull back rally which started on 14-12-2015 from 7551.05. As today down moves were on the back of slipping European markets therefore sustaining below today Mixed Patterns lowest(7924) will be correction beginning confirmation.