Correction Continuation towards Next Supports
Intra Day Charts Analysis & Market Outlook
(05-01-2016)
Nifty-Intra Day Chart (Dec 23,2015 to Jan 04,2016):- |
| Just click on chart for its enlarged view |
1- Previous 7 Sessions actual trading between 7835-7972
2- Slipping and closing below previous 7 Sessions lowest on 04-01-2016
Conclusions from 8 Sessions intra day chart analysis
Anyone may verify from our previous sessions Outlooks on Home page and Archive(at the bottom of Blog) that we continuously told for intraday selling patterns formations and resultant huge down moves today with slipping and closing below previous 7 Sessions lowest in a single day today.
Certainly 7 Sessions trading range broken down confirmation which is huge one and resultant correction beginning confirmation of that Pull Back rally which started on 14-12-2015 from 7551.05 and terminated at 7972.55 on 01-01-2016.
As such big down moves today and very short term indicators have turned oversold therefore only a bounce back from intraday lower levels will be considered otherwise finally correction continuation is expected towards following next supports:-
1- Supports between 7738-7772
2- Supports between 7573-7645