Finally correction continuation after some intraday volatility and minor up moves up to 8578
Intra Day Chart Analysis & Market Outlook
(11-08-2015)
Nifty-Intra Day Chart (10-Aug-2015):- |
| Just click on chart for its enlarged view |
1- More than 5 hours selling between 8594-8621(Immediate Resistances)
2- Sudden sharp fall in last 30 minutes
3- Whole day actual trading between 8498-8621
Conclusions from intra day chart analysis
Following lines were told on 08-08-2015 in "Short Term correction Possibility in Next Week":-
1- firstly Short Term correction beginning possibility
2- Nifty will trade between 8322-8600 amid Short Term correction in next week
As was told 100% same happened and Nifty closed 39 points down after slipping 94 points in last 45 minutes today.
Firstly more than 5 hours selling between 8594-8621 which was within next previous resistance range(8600-8654) and after that huge sharp fall therefore confirmation of Short Term correction beginning and more down moves are expected in the coming sessions because last 3 sessions trading range(8546-8606) also broken down forcefully after 3:00 PM today.
Dow Jones is now trading 239 points up and if such Bullishness will be seen in Asian markets also then strong opening may be seen in Indian markets also but good selling at higher levels in last 4 sessions between 8566-8621 and Nifty will not easily sustain above 8621. As last 4 sessions selling within and below previous resistance range(8600-8654) therefore this resistance range has become stronger and until complete consolidation will not happen till then Nifty will not move above 8654.
Finally today started correction continuation is expected after some intraday volatility and minor up moves upto 8578.