Firstly Watch valid break out Strong Supports Range
Intra Day Chart Analysis & Market Outlook
(30-10-2015)
Nifty-Intra Day Chart (29-Oct-2015):- |
| Just click on chart for its enlarged view |
1- 3 Hours Mixed Patterns formations between 8134-8159
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 8098-8159
Conclusions from intra day chart analysis
When Dow Jones was trading 105 points up and most European markets were also are more than 1% up as well as FOMC announcements were due at 11:30 PM(IST) yesterday then we posted Bearish views in following words at 09:21 PM in "Firstly Watch 8090 for deeper correction confirmations":-
1- still we are expecting some more down moves in Indian markets
2- strong supports of Nifty are between 8090-8124
3- Firstly watch valid break down of 8090 for deeper correction confirmations
4- some more down moves possibilities tomorrow
As was above projected yesterday all that proved 100% accurate in in following manner today;-
1- Whole day down moves were seen and once Nifty was down 73 points as well as closed after loosing 59.45 points today.
2- Strong supports were told between 8090-8124 and Nifty got supports within this range at 8098 as well as closed between this range at 8111.75 today.
Although whole day down moves and closing near the lower levels of the day today but as such selling patterns were not seen and first 3 hours trading was with Mixed Patterns formations between 8134-8159. As down moves in Bullish Falling Channel formations also in last hours also today within mentioned strong supports range(8090-8124) therefore its valid break out should be firstly watched in the coming sessions for:-
1- Deeper correction below 8090 because that will be confirmation of failure to sustain above Long Term Trend decider 200 Day EMA(today at 8186) also.
2- First signal of on going Short Term Correction completion above 8124.