Correction Continuation Expectations
Intra Day Chart Analysis & Market Outlook
(07-01-2016)
Nifty-Intra Day Chart (06-Jan-2016):- |
| Just click on chart for its enlarged view |
1- Support between 7761-7775
2- Selling between 7776-7800
3- Sudden sharp fall
4- Whole day actual trading between 7722-7800
Conclusions from intra day chart analysis
Following conclusive line was told yesterday in "Finally correction continuation despite some up moves possibilities":-
Finally correction continuation is still expected despite some up moves possibilities tomorrow
As was told yesterday 100% same happening is proved from above updated today intraday chart.
As good intraday consolidation patterns formations yesterday and fresh selling was required within yesterday trading range for decisive down moves therefore firstly up moves after lower levels supports and then more than 3 hours selling within yesterday trading range between 7776-7800 and after that sharp fall was seen today.
As follow up selling today after breaking down of 7 sessions trading range on 04-01-2016 therefore correction continuation is expected in the coming sessions.