Still Correction Continuation Expectations
Intra Day Chart Analysis & Market Outlook
(12-01-2016)
Nifty-Intra Day Chart (11-Jan-2016):- |
| Just click on chart for its enlarged view |
1- Support between 7485-7515
2- Support between 7530-7542
3- Selling between 7579-7605
4- Whole day actual trading between 7485-7605
Conclusions from intra day chart analysis
As all the Asian markets were in deep Red after huge fall of Chinese markets and sentiment turned depressed therefore gap down opening of Indian markets but strong intraday recovery from lower levels because Very Short Term Oscillators also turned Oversold after such big fall.
Bearish markets always remains highly volatile and today recovery from lower levels will be understood only intraday technical correction for sentiment maintaining. Until Nifty will not sustain above following resistances till then decisive up moves will not be considered:-
1- Resistances between 7581-7606
2- Resistances between 7614-7640
Above resistances levels were updated on 07-01-2016 in "Correction Continuation towards 7104/6761" and Nifty could not cross 1st resistance range(7581-7606) today as well as closed below it after follow up selling within it therefore this resistance range has become stronger today.
As lower levels supports amid much depressed sentiments today therefore expected that Nifty will firstly trade within today trading range(7485-7605) and prepare for next decisive moves within this range in the coming sessions but still correction continuation will be considered below today lowest(7485) after follow up selling and until complete consolidation will not develop till then fresh rally after correction completion will not be seen.
अंतिम निष्कर्ष का हिंदी अनुवाद
चूंकि बहुत ही ख़राब माहौल होने के बावजूद आज नीचे के स्तर पर बाज़ार को सपोर्ट मिला है इसलिए आशा की जाती है कि निफ़्टी आने वाले दिनों में आज ही की ट्रेडिंग लेवल्स(7485-7605) के बीच में ही बाजार ट्रेड करेगा और आने वाले दिनों की निर्णायक दिशा के लिए अपने को तैयार करेगा लेकिन आज के सबसे निम्न स्तर के भी नीचे(7485) तक करेक्शन चालू रहने पर ही इस समय विचार किया जायेगा और जब तक पूरी तरह से खरीददारी विकसित नहीं हो जाती तब तक करेक्शन पूरा होने के बाद कोई भी नई रैली नहीं देखी जाएगी।