Correction Continuation towards 7242
Intra Day Chart Analysis & Market Outlook
(27-01-2016)
Nifty-Intra Day Chart (25-Jan-2016):- |
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1- Selling between 7468-7487(Immediate Resistances)
2- Selling between 7450-7465(Immediate Resistances)
3- Whole day actual trading between 7422-7487
Conclusions from intra day chart analysis
Although Nifty closed near the higher levels of the day on 22-01-2016 and also opened gap up strong on 25-01-2016 but we were not Bullish but watchful therefore we told following lines at 10:30 AM on 25-01-2016 in "Firstly Watch 7462-7504 for next Very Short Term Trend beginning":-
1- Last 5 sessions trading range(7242-7462) broken out in first minute today but on the back of strong Global cues
2- its confirmation is required through sustaining above 7462.
3- Next resistances are above 7504
4- will trade between 7462-7504 for next Very Short Term Trend preparation and firstly valid break out this range should be watched for its beginning.
Valid break out of 7462-7504 with resistances above 7504 were specially mentioned despite such strong Global and Indian markets and Nifty slipped as well as closed below 7462 at 7436.15 last Monday. As good intraday selling was also seen therefore correction continuation is expected towards 7242 and its valid breaking down will open the gates of further correction towards 7104/6761.