Fresh Long Positions after Today started Correction Completion Confirmations
Intra Day Chart Analysis & Market Outlook
(02-02-2016)
Nifty-Intra Day Chart (01-Feb-2016):-(02-02-2016)
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1- Minor support between 7558-7571
2- Selling between 7586-7600
3- More than 4 hours Down moves in Bullish Falling Channel
4- Whole day actual trading between 7542-7600
Conclusions from intra day chart analysis
Following conclusive lines were told at 01:49 AM today in "Pull Back rally continuation after follow up consolidation":-
1- Very Short Term oscillators turned overbought after last 7 sessions rally
2- resistances are also lying just above previous session highest
3- intraday correction from intraday higher levels may be seen any day
As was told 100% same happened today and intraday correction from intraday higher levels was seen today.
Although some selling near the higher levels of the day today but more than 4 hours Down moves in Bullish Falling Channel was also seen therefore today intraday correction will be understood a part of follow up consolidation process after last 7 sessions 334 points Pull Back Rally.
Resistances between 7552-7606 were updated in previous Outlook and today selling within this range between 7586-7600 and next resistances are also lying up to 7640 as well as correction of previous 334 points rally has also begun today therefore possibility of some more correction can not be ruled out in the coming sessions but finally Pull Back rally continuation is still expected after follow up consolidation.
Next decisive up moves will be seen after follow up consolidation and sustaining above 7640 and let today started correction completion confirmations come then fresh long positions should be created.