Correction Continuation Expectations
Intra Day Chart Analysis & Market Outlook
(27-12-2016)
Nifty-Intra Day Chart (26-Dec-2016):-
 |
| Just click on chart for its enlarged view |
1- More than 5 hours trading with Mixed Patterns between 7894-7938
2- Down moves in Bullish Falling Channes
3- Up moves in Bearish Rising Channel
4- Selling patterns formations
5- Whole day actual trading between 7894-7954
Conclusions from intra day chart analysis
Firstly loosing 91 points after gap down opening and after that more than 5 hours trading with Mixed Patterns between 7894-7938 is suggesting that correction is on.
Following lines were told yesterday in "7917 Will Confirm Next Big Moves":-
1- once break down of its Neckline(7980) will mean strong signal of down moves below day's lowest.
2- correction continuation will be considered
3- firstly sustaining beyond 7917 should be watched in next week because it will confirm next big moves amid correction continuation possibilities.
As Nifty hovered around 7917 more than 5 hours when traded between 7894-7938 therefore sustaining beyond this range will confirm deeper correction or a Pull Back Rally but expected that finally correction continuation will be seen below 7894 after follow up selling within or near about mentioned range.