Pull Back rally or Bounce back possibility amid Correction continuation towards 7104
Intra Day Chart Analysis & Market Outlook
(19-01-2016)
Nifty-Intra Day Chart (18-Jan-2016):- |
| Just click on chart for its enlarged view |
1- Minor selling between 7416-7438
2- All the down moves in Bullish Falling Channel
3- Whole day actual trading between 7337-7463
Conclusions from intra day chart analysis
As Dow jones closed 390 points down last Friday therefore most Asian markets were trading in negative zone and some were more than 1% down also therefore weaker opening of Indian markets but outperformed and traded flat to minor down many times in first more than 4 hours which was a positive sign for Bulls.
When Indian markets were trading near the higher levels of the day at 01:50 PM then decisive down moves started which remain continued till the end of today trading because big down moves started from 01:50 PM in following Global markets:-
1- Dow's Futures slipped from 16047 to 16892 and lost 155 points between 01:50 PM-03:30 PM
2- Dax slipped from 8659 to 8457 and lost 202 points between 01:50 PM-03:30 PM
3- FTSC slipped from 5853 to 5765 and lost 88 points between 01:50 PM-03:30 PM
4- CAC slipped from 4255 to 4160 and lost 95 points between 01:50 PM-03:30 PM
Although minor selling at higher levels but all the down moves in Bullish Falling Channel also today therefore indication of consolidation process beginning today. As indicators are also oversold therefore Pull Back rally or Bounce back possibility will be considered after today intraday consolidation despite today closing near the lower levels of the day.
Correction continuation towards 7104 and its completion will be considered only after complete consolidation but Pull Back rally or Bounce back possibility after some intraday consolidation patterns formations today.