Just Watch 7892 for Correction Beginning Confirmation
Post-open Outlook(01-01-2016)
Nifty-Intra Day Chart(Last hour of 31-12-2015 and First 7 Minutes on 01-01-2016):-
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1- Up moves in last hour on 31-12-2015
2- Sharp down in First 7 Minutes on 01-01-2016
Conclusions from intra day chart analysis
Although yesterday closing was near the higher levels of the day but we were not Bullish and told following lines in "4 Indications of Pull back rally correction beginning":-
1- Mixed Patterns between 7892-7915
2- sharp up moves in last half hour.
3- today up moves may be by mutual funds to maintain and increase their NAVs on the last day of the year.
As last hour up moves were not due to intraday consolidation but after Mixed patterns formations between 7892-7915 therefore Nifty lost all yesterday up moves within first 7 minutes today and traded at 7909.80.
Valid break down of 7892 should be firstly watched for correction beginning confirmation.