Correction Continuation towards Next Supports
Intra Day Chart Analysis & Market Outlook
(09-02-2016)
Nifty-Intra Day Chart (08-Feb-2016):- |
| Just click on chart for its enlarged view |
1- More than 5 hours selling between 7480-7512(Immediate Resistances)
2- Plummeting in last hour after sharp down moves in Dow's Futures and all European markets
3- Whole day actual trading between 7364-7512
Dow Jones's Futures- 5 Minutes Intra Day Chart from today opening to 03:30 PM(08-02-2016):-
 |
| Just click on chart for its enlarged view |
1- Sideways since opening
2- Sharp down in last hour
Conclusions from intra day charts analysis
Although Nifty closed near the higher levels of the day last Friday but we were cautious due to Global markets uncertainty and excessive volatility therefore we told following conclusive lines on 07-02-2016 in "Pull Back Rally continuation require confirmations from 7448-7479 under Volatile Global Markets":-
1- Pull Back Rally continuation is expected but
2- most uncertain and excessive volatile Global markets
3- firstly sustaining beyond 7448-7479 should be watched in the beginning of next week for confirmation
Nifty traded most time in positive zone in first more than 5 hours but with selling between 7480-7512 therefore some down moves were expected towards next strong supports(7448-7479) but that converted into huge fall because exactly at that time all the European markets and Dow Jones's Futures started to crash towards following levels at 03:30 PM today:-
1- Dow Jones's Futures which traded most time more than 50 points up but moved down 225 points till 03:30 PM today
2- DAX which firstly traded flat but moved down 226 points till 03:30 PM today
3- FTSE which firstly traded flat but moved down 109 points till 03:30 PM today
4- CAC 40 which firstly traded flat but moved down 110 points till 03:30 PM today
Correction is on and no confirmation of its completion yet therefore its continuation is expected towards next supports(7242-7320) after crashing like all Global markets.