Possibility of Correction below 8600
Intra Day Chart Analysis & Market Outlook
(24-08-2016)
Nifty-Intra Day Chart (23-Aug-2016):- |
| Just click on chart for its enlarged view |
1- Selling between 8622-8635
2- Selling between 8602-8620
3- Up moves after strong rally in European markets and Dow's Futures
4- Whole day actual trading between 8580-8642
Conclusions from intra day chart analysis
Although closing at higher levels of the day after last hour up moves but sufficiently good selling patterns formations were also seen therefore expected that Nifty will not be able to sustain above the top(8642.15) of today. As selling was also seen in previous sessions and today as well therefore expected that finally Nifty will again slip below 8600 and deeper correction possibility also can not be ruled out despite Dow Jones now trading more than 90 points up.