Firstly Watch 7242 amid Most Depressing Global Markets Tomorrow
Intra Day Chart Analysis & Market Outlook
(10-02-2016)
Nifty-Intra Day Chart (09-Feb-2016):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Higher Bottoms formations in last 3 hours
3- Whole day actual trading between 7276-7323
Conclusions from intra day chart analysis
Following conclusive lines were told yesterday at 11:46 PM in "Correction Continuation towards Next Supports":-
1- Correction is on and no confirmation of its completion yet therefore
2- its continuation is expected towards next supports(7242-7320)
Correction continuation towards next supports(7242-7320) was told and Nifty traded whole day within this range between 7276-7323 today. As some indications of consolidations through Down moves in Bullish Falling Channels and higher Bottoms formations in last 3 hours within previous supports(7242-7320) therefore possibility of some up moves above today highest(7323) will be considered at this moment but correction is very much on and lot of consolidation has to be done for decisive up moves or correction completion.
Tumbling Global markets and as such good consolidation has not been seen yet therefore possibility of slipping below 7242 can not be ruled out but sustaining below it should be firstly watched tomorrow for fresh deeper down moves after this last support broken down confirmations.
Finally last support of on going correction(7242-7320) will decide following next moves:-
1- Sustaining above 7320 will mean some up moves only
2- Sustaining below 7242 will mean correction continuation towards 7104/6761.
As most depressing Global markets now(Dow's Futures is trading 177 points down and all European markets are trading 1.8% to 3.2% down) and correction is on therefore sustaining beyond 7242 should be firstly watched tomorrow for first indication of above mentioned next decisive moves.