8477 Will Confirm Steep Fall amid Melting Global Markets
Intra Day Chart Analysis & Market Outlook
(14-10-2016)
Nifty-Intra Day Chart (13-Oct-2016):-
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| Just click on chart for its enlarged view |
1- Selling patterns formation between 8605-8654
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Mixed Patterns formation in last 3 hours between 8542-8586
5- Whole day actual trading between 8542-8654
Conclusions from intra day chart analysis
As crashing like situation in all the Global markets today morning therefore firstly selling between 8605-8654 after huge gap down opening but last 3 hours trading with Mixed Patterns formation between 8542-8586 and resultant follow up selling is also required for decisive down moves below day's lowest(8542)
Following supports were updated many times in previous Outlooks:-
8477-8580(Multiple and strong supports)
Nifty traded within above mentioned supports range in last 3 hours with mixed patterns formations and closed also within it today therefore firstly sustaining beyond this range should be watched in the coming sessions because all the Global markets are melting and once sustaining below 8477 will mean high possibility of steep fall towards following next supports which are at much lower levels:-
1- 8297-8343
2- 8083-8147
3- 7964-8000