Watch psychological level amid correction continuation expectations
Intra Day Chart Analysis & Market Outlook
(07-02-2018)
Nifty-Intra Day Chart (06-Feb-2018):-
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| Just click on chart for its enlarged view |
1- Support between 10277-10372
2- Up moves with more than 1000 recovery of Dow's Futures
3- Whole day actual trading between 10277-10504
Conclusions from intra day chart analysis
Following lines were told on 28-01-2018 in "11413.85 will confirm Rally continuation or 5 Waves Correction after Budget":-
1- firstly sustaining beyond 11413.85 should be watched in the coming weeks after Budget because 11413.85 is most crucial.
2- As per Elliott Wave theory if Nifty sustains above it then Waves structure from 27-10-2008 will be recounted
3- sustaining below it will mean 5 waves correction of whole rally from 2252.75 to any highest below 11413.85.
As correction begun from 11171.55 which is below 11413.85 therefore emergence of 5 waves correction possibility of whole rally between 2252.75-11171.55 according to following retracement levels:-
1- 13.0%- 10,011
2- 23.6%- 9,066
3- 27.0%- 8,762
4- 38.2%- 7,763(Crucial)
5- 50.0%- 6,711(Crucial)
6- 61.8%- 5,659(Crucial)
Next supports below today lowest are as follows:-
1- 10277-10372
2- 10140-10195
3- 10040-10175
Correction is on and its continuation is expected. As 13.0% retracement level(10,011) and 3rd supports range(10040-10175) are just above psychological of 10000 therefore firstly sustaining beyond 10000 should be watched in the coming weeks for the life of on going correction.