Pull Back rally Correction Beginning Confirmation
Mid-session Outlook(04-01-2016)
Nifty-Intra Day Chart(Last 5 Sessions & First 2 hours of 04-01-2016):- |
| Just click on chart for its enlarged view |
1- Last 5 Sessions actual trading between 7882-7972
2- Slipping below previous week lowest in first hour on 04-01-2016
Conclusions from intra day chart analysis
Although most of the days Nifty closed in Green in previous week but we were not Bullish and most of the times told for correction beginning possibilities because intraday charts were showing Mixed Patterns formations which means selling patterns were also being developed. As such selling formations were also seen in whole previous week therefore Nifty slipped below last 5 sessions lowest in first hour today.
As last 5 sessions actual trading bottom broken down of forcefully in only first one hour today therefore correction beginning confirmation of that Pull Back rally which started on 14-12-2015 from 7551.05 and terminated at 7972.55 on 01-01-2016.