Technical Analysis and Market Outlook
(06-11-2013)
Nifty-Intra Day Chart (Nov 01 to Nov 01,2013):- |
| Just click on chart for its enlarged view |
1- Selling in Muhurat Trading session on 03-11-2013
2- Higher levels selling on 05-11-2013
3- Lower levels supports on 05-11-2013
4- 2 Sessions actual trading between 6244-6333
Conclusions from 2 Sessions intra day chart analysis
All trends are up but Short Term Indicators were overbought and sentiment was too much heated therefore we started to tell for very Short Term correction possibility from 01-11-2013 and it was seen also in both next sessions on 3rd and 5th November. As both higher levels selling and lower levels supports between 6244-6304 therefore Nifty closed between this range yesterday but very Short Term correction is on and some more correction can not be ruled out today because most Asian markets are in Red today morning.
Next supports are at 6194 and slipping towards it can not be ruled out today because correction is on but sustaining beyond 6194 should be firstly watched today because that will give deeper correction or correction completion confirmation. As impulsive Wave-3 is on towards 6724.60 and on going down moves are only very Short Term correction therefore only limited down moves upto 6194 are being considered at this moment.