Fresh Down Moves triggering after BJP Big Defeat in Bihar
Intra Day Chart Analysis & Market Outlook
(10-11-2015)
Nifty-Intra Day Chart (09-Nov-2015):- |
| Just click on chart for its enlarged view |
1- 4 Hours Mixed Patterns between 7843-7874
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 7828-7937
Conclusions from intra day chart analysis
As such big unexpected defeat of BJP in Bihar and development of many uncertainties regarding future policies of Modi Govt resultant fresh down moves triggered therefore whole day negative zone trading after huge gap down opening today. Although good up moves in last hours but in Bearish Rising Channel and after 4 Hours Mixed Patterns formations therefore follow up consolidation is must for decisive up moves above today highest(7937.75).
All trends are down and correction is on but as such consolidation patterns formations were not seen at lower levels today despite good recovery from lower levels therefore only some volatility with more down moves will be considered now and until Nifty will not sustain above following levels till then correction completion will not be considered and on going correction will remain continued:-
1- Next resistances between 8108-8152
2- Long Term Trend decider 200 Day EMA(today at 8177)