Correction Continuation towards 7104/6761
Intra Day Chart Analysis & Market Outlook
(08-01-2016)
Nifty-Intra Day Chart (07-Jan-2016):- |
| Just click on chart for its enlarged view |
1- Selling between 7614-7640(Immediate Resistances)
2- Selling between 7581-7606(Immediate Resistances)
3- Whole day actual trading between 7556-7655
Conclusions from intra day chart analysis
Nifty corrected 415 points in last 4 sessions and all the 8 previous Outlooks of this Blog are live proofs of this fact that from 30-12-2015 we told again and again only for correction and that was seen also in all the previous sessions.
As whole day today down moves after huge gap down opening with continuous intraday selling patterns formations and consolidation patterns formations were not seen today therefore expected that on going correction will remain continued.
18 Months 4000 points strong rally from 28-08-2013(5118.85) to 04-03-2015(9119.20) and now its corrective Wave-'C' of 'ABC' correction continuation with recent bottom formation at 7539.50 on 08-09-2015. As at present no signal of Wave 'C' completion and fresh selling was also seen today therefore correction continuation will be seen below the lowest(7539.50) of on going big correction.
Just click following topic links for next targets of on going correction with detailed analysis:-
1- Updated on 13-09-2015:- Finally correction continuation towards 7104/6761
2- Updated on 06-09-2015:- Next Target of Nifty at 7104.30