Firstly Watch 8090 for deeper correction confirmations
Intra Day Chart Analysis & Market Outlook
(29-10-2015)
Nifty-Intra Day Chart (28-Oct-2015):- |
| Just click on chart for its enlarged view |
1- More than 3 hours selling between 8188-8209
2- Volatility with lower levels minor supports in last 2 hours
3- Whole day actual trading between 8132-8209
Conclusions from intra day chart analysis
Correction/Down moves were projected in following previous topics from 25-10-2015:-
1- On 25-10-2015 in "Short Term Correction Possibility amid Most Bullish News led Global Markets":-
2- On 26-10-2015 in "Firstly Watch 8186 for Long Term Trend Confirmations amid Some More Down Moves Possibilities":-
Only correction and down moves told which proved 100% acurate and Nifty slipped 204 points after 25-10-2015.
Although strong recovery from lower levels in last hours today but on the back of only minor supports at lower levels therefore until Nifty will not sustain above today highest(8209) after complete consolidation till then decisive up moves will not be considered because good selling at higher levels between 8188-8209 and it will be immediate resistance of Nifty.
Although strong rally in US(Dow 105 points up) and all European(most are more than 1% up) markets at this moment before FOMC announcements today at 11:30 PM (IST) but still we are expecting some more down moves in Indian markets because good selling at higher levels in last 7 sessions. Next strong supports of Nifty are between 8090-8124 therefore more follow up selling is firstly required now for decisive down moves and deeper correction.
Firstly watch valid break down of 8090 for deeper correction confirmations amid some more down moves possibilities tomorrow.