Correction Continuation towards next Supports
Intra Day Chart Analysis & Market Outlook
(22-12-2016)
Nifty-Intra Day Chart (21-Dec-2016):-
 |
| Just click on chart for its enlarged view |
1- More than 5 hours trading with Mixed Patterns between 8077-8106
2- sharp down in last hour
3- Whole day actual trading between 8054-8106
Conclusions from intra day chart analysis
Although closing near the lower levels of the day after sharp fall in last hour but as such selling patterns were not seen and firstly more than 5 hours trading with Mixed Patterns formations therefore sustaining below yesterday mentioned supports lowest(8063) if firstly required for on going correction continuation. Next supports below today lowest are as follows:-
Nifty spot- 7916-7995 (Multiple strong supports)
Nifty Dec Fut- 7977-8032
Correction is very much on and no confirmation of its completion yet therefore last hour down moves despite Mixed patterns formations in first 5 hours today. Although Nifty Spot next supports are up to 7916 but Nifty Dec Fut supports are up to 7977 therefore its once valid break down will mean Nifty Spot will not getting supports at 7916 and much deeper correction will get confirmations below 7977(Nifty Dec Fut)
Correction continuation is expected towards above mentioned supports and finally next trend will be decided according to sustaining beyond them.