Finally correction continuation despite some up moves possibilities
Intra Day Chart Analysis & Market Outlook
(06-01-2016)
Nifty-Intra Day Chart (05-Jan-2016):- |
| Just click on chart for its enlarged view |
1- Consolidation between 7764-7780(Immediate Supports)
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7764-7831
Conclusions from intra day chart analysis
Correction beginning yesterday after Previous 7 Sessions actual trading range(7835-7972) broken down and today its continuation was seen but consolidation patterns formations also today therefore some up moves can not be ruled out in the coming sessions. As 7 Sessions trading range forcefully broken down yesterday therefore decisive up moves will be seen only after complete follow up consolidation but once valid breaking down of today lowest(7764) will mean correction continuation towards those next supports which have already been updated in previous Outlook yesterday.
Finally correction continuation is still expected despite some up moves possibilities tomorrow.