Just Watch sustaining beyond 7715 for Decisive Moves
Intra Day Chart Analysis & Market Outlook
(08-12-2015)
Nifty-Intra Day Chart (07-Dec-2015):- |
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1- Down moves in Bullish Falling Channel
2- Consolidation Patterns between 7746-7775
3- Whole day actual trading between 7746-7825
Conclusions from intra day chart analysis
Although down moves beginning immediate after opening but in Bullish Falling Channel and lower levels consolidation Patterns formations were also seen between 7746-7775 therefore emergence of some up moves possibilities. As lot of consolidation is also required for trend reversal therefore follow up consolidation is must in the coming sessions for decisive up moves. Possibility of slipping below today lowest also can not be ruled out under consolidation process but sustaining below today lowest with fresh selling is must for it for decisive down moves. Importance of 7715 and 7722 has already been updated yesterday in following topic:-
"7715 Will decide the Life of on going Correction"
As today lowest is little above these 2 levels at 7746.05 and some down moves below today lowest can not be ruled out in consolidation process therefore firstly sustaining beyond 7715 should be watched in the coming sessions for deeper correction below 7715 and decisive up moves above 7715.