Correction Continuation Expectations
Intra Day Chart Analysis & Market Outlook
(27-08-2015)
Nifty-Intra Day Chart (26-Aug-2015):- |
| Just click on chart for its enlarged view |
1- Strong 140 points recovery after weak opening.
2- Minor selling between 7897-7930(Immediate Resistances)
3- Mixed Patterns between 7835-7900
4- Down moves in last hour.
5- Whole day actual trading between 7778-7930
Conclusions from intra day chart analysis
High volatility in following manner today:-
1- 140 points up moves in first 2 hours
2- 152 Points down moves from higher levels and closing near the lower levels of the day after new intraday lowest formation in last minutes
Although closing at the lower levels of the day but as such good selling was not seen and mixed Patterns formations was also seen almost 3 hours therefore follow up selling is required tomorrow for decisive down moves below today lowest because high intraday volatility today and technical positions reverses also in Global cues led such volatility.
As good selling in previous weeks and on last Monday therefore correction continuation is expected tomorrow because as such consolidation not seen and some selling at higher levels today also.