Next Good Supports will confirm Little Deeper but Short Term correction
Intra Day Chart Analysis & Market Outlook
(10-06-2016)
Nifty-Intra Day Chart (09-Jun-2016):-
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1- Sharp down immediately after opening
2- More than 4 hours trading with selling indications.
3- Up moves in last hour from lower levels in Bearish Rising Channel
4- Whole day actual trading between 8185-8273
Conclusions from intra day chart analysis
Firstly sharp down immediately after opening and after that more than 4 hours trading with selling indications as well as last hour Up moves in Bearish Rising Channel also therefore today started correction continuation is expected but next good supports are lying between 8156-8177 therefore firstly sustaining it beyond should be watched tomorrow for little deeper but Short Term correction of that rally which started from 7715.80 on 24-05-2016 and completed at 8252.05 on 08-05-2016. Retracement levels of this rally are as follows:-
1- 13.0%- 8182
2- 23.6%- 8125
3- 27.0%- 8107
4- 38.2%- 8046(Crucial)
5- 50.0%- 7983(Crucial)
6- 61.8%- 7920(Crucial)