Correction Continuation towards 7242 after 2 Intraday Bearish Developments
Intra Day Chart Analysis & Market Outlook
(28-01-2016)
Nifty-Intra Day Chart (27-Jan-2016):- |
| Just click on chart for its enlarged view |
1- Support between 7420-7435
2- Selling between 7460-7477
3- Mixed Patterns between 7440-7455
4- Bearish Head and Shoulders formations with Neckline at 7424
5- Whole day actual trading between 7420-7477
Conclusions from intra day chart analysis
Following lines were told today at 10:14 AM in "Firstly watch valid break out of 7420-7487 for next decisive moves":-
1- some intraday supports seen between 7420-7435 today
2- selling was also seen between 7450-7465 and 7468-7487 on 25-01-2016
3- Firstly valid break out of 7420-7487 should be watched for next decisive moves.
Market honoured our all above levels in following manner today:-
1- Intraday supports were told between 7420-7435 and Nifty could not slip below 7420 and closed above 7435 at 7437.75 today.
2- Selling levels were told between 7450-7487 and Nifty could not move above 7487 and closed below 7450 at 7437.75 today.
3- Watching for valid break out of 7420-7487 was told with above supports and resistances and Nifty traded whole day as well as closed within this range today.
Although lower levels supports and higher levels selling is suggesting intraday Mixed Patterns formations today but following intraday developments are suggesting some down moves below today lowest(7420):-
1- Follow up selling was seen within the selling ranges of 25-01-2016.
2- Intraday Bearish Head and Shoulders pattern formations with Neckline at 7424.
Although flat closing after most time positive zone trading today but with above mentioned 2 intraday Bearish developments therefore correction continuation towards 7242 is expected tomorrow.