Finally Correction Continuation amid a Bounce Back Possibility
Intra Day Chart Analysis & Market Outlook
(03-09-2015)
Nifty-Intra Day Chart (02-Sep-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 7816-7842
2- Selling between 7788-7807
3- Selling between 7738-7768
4- All the Down moves in Bullish Falling Channel
5- Whole day actual trading between 7700-7842
Conclusions from intra day chart analysis
As positive sentiment due to following developments therefore some up moves after Green opening today:-
1- Government accepts AP Shah Panel report on MAT and no levy on FIIs prior to April 1, 2015
2- Dow's Futures was trading more than 120 points up
Although continuous selling after every dip but all the Down moves in Bullish Falling Channel and all the Nifty Put Options below 7800 closing in Red despite .88% down closing of Nifty at 7717 today therefore view will be cautious and follow up moves will be firstly watched tomorrow for next decisive moves confirmations.
As all the Down moves were in Bullish Falling Channel and all the Nifty Put Options below 7800 closed in Red also today therefore a Bounce Back possibility can not be ruled out but finally correction continuation is expected because as such no signal of its completion yet.