Correction Continuation after follow up Selling
Intra Day Chart Analysis & Market Outlook
(21-01-2016)
Nifty-Intra Day Chart (20-Jan-2016):- |
| Just click on chart for its enlarged view |
1- More than 4 hours Mixed Patterns between 7294-7338
2- Lower levels supports between 7242-7270
3- 65 Points recovery from lower levels in last hour.
4- Whole day actual trading between 7242-7338
Conclusions from intra day chart analysis
As all Global markets were crashing and Dow's Futures was also trading more than 200 points down therefore huge gap down opening in Indian markets but lower levels supports and more than 4 hours Mixed Patterns between 7294-7338 today therefore expected that Nifty will firstly trade within today trading range(7242-7338).As some supports were seen above 7242 today therefore for precaution its valid breaking down should be firstly watched tomorrow for immediate decisive down moves confirmations but complete consolidation is required for on going big correction completion.
Let complete consolidation develop then correction completion will be considered otherwise slipping below today lowest(7242) and correction continuation towards 7104/6761 is still expected after follow up selling within and near about today trading range.