Firstly Watch supports at 8089 amid deep Red Global markets
Intra Day Chart Analysis & Market Outlook
(15-10-2015)
Nifty-Intra Day Chart (14-Oct-2015):- |
| Just click on chart for its enlarged view |
1- Up moves with sufficient intraday corrections
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 8097-8139
Conclusions from intra day chart analysis
Although most of the time negative zone trading and closing near the lower levels of the day today but view will not be Bearish because following intraday positive developments were also seen today:-
1- Indian markets outperformed Global cues because Indian markets traded whole day flat to minor down despite most Asian markets .47% to 1.89% negative closing and all the European markets more than .50% down trading.
2- Today intraday patterns have not shown as such selling patterns formation and on the contrary above mentioned Bullish patterns were also seen.
As Dow jones is trading more than 100 down at this moment and all the European markets closed .71% to 1.16% down therefore if such weakness will be seen in Asian markets also tomorrow then gap down opening may be seen in Indian markets but above mentioned Bullish patterns were also seen today therefore until Nifty will not sustain below 8089 till then decisive down moves will not be seen.
Following conclusive were told yesterday in "Finally Watch 8089-8245 for Next Blasting Moves":-
As both higher levels good selling and lower levels equally good buying seen in last 6 sessions between 8089-8245 therefore Nifty will trade within this range in the coming sessions and once valid break out of this range will decide one sided blasting moves because
1- That will be confirmation of Long Term Trend turning up above 8245 after correction completion at 7540 on 08-09-2015.
2- That will be confirmation of Long Term Trend remaining down below 8089 and false break out confirmation of 27 Sessions trading range(7540-8092) also.
Nifty traded whole day above the last 6 sessions lowest(8089) with above mentioned consolidation patterns formations today therefore if Global markets remain in deep Red tomorrow morning then firstly follow up selling with sustaining below 8089 should be watched for above mentioned decisive blasting down moves confirmations.