Just watch 8230 for sharp fall
Intra Day Chart Analysis & Market Outlook
(21-10-2015)
Nifty-Intra Day Chart (01-Oct-2015):- |
| Just click on chart for its enlarged view |
1- Selling between 8280-8294
2- Minor supports between 8230-8258
3- Whole day actual trading between 8230-8294
Conclusions from intra day chart analysis
Although Nifty closed near the higher levels of the day yesterday but we were Bearish therefore we clearly told following lines yesterday in "Very Short Term Correction Possibility":-
1- indications of very Short Term correction in the coming session
2- possibility of slipping below today lowest as well
As was told yesterday all that proved 100% accurate today in following manner:-
1- Exactly very short term correction was seen today through 74 points slipping from higher levels with 45 points negative zone trading and 15 points down closing also.
2- Nifty slipped below yesterday lowest(8239.20) and today lowest was at 8229.20.
As follow up selling was seen at higher levels today after yesterday selling therefore emergence of some more down moves possibilities. Immediate supports and resistances of Nifty are as follows:-
1- Resistances between 8271-8294
2- Resistances between 8240-8460
3- Minor supports between 8230-8258
4- Supports between 8148-8180
Although some selling between 8240-8460 yesterday but minor supports were also seen within and just below this range between 8230-8258 today therefore if follow up selling develops within this range tomorrow then sharp fall will be seen towards next supports(8148-8180).
Some down are expected and just watch valid break down of 8230 for sharp fall.