Firstly Watch 7678-7730 for next Big Moves
Intra Day Chart Analysis & Market Outlook
(24-05-2016)
As I have not not completely recovered yet therefore detailed analysis of Nifty is not being updated and only conclusive views are being posted which are as follows:-
Following lines were told on 22-05-2016 in "Firstly Watch sustaining beyond 7678 for much deeper correction confirmations":-
1- 25 Sessions trading between 7678-7992 with lower levels last supports between 7678-7730 and its valid break down will mean deeper correction
2- down moves below last Friday lowest(7736) are expected in Indian markets
As was told 100% same happened and Nifty slipped below 7736 as well as closed just above mentioned last supports(7678-7730) at 7731.05 after intraday bottom formations within mentioned supports range at 7722.20 on 23-05-2016
Although Nifty closed near the lower levels of the day yesterday but whole day as such selling patterns were not seen but some consolidation patterns were also seen and last supports of last 26 sessions trading range(7678-7992) are between 7678-7730 therefore complete follow up selling is must in the coming sessions for sustaining below 7678.
Last 3 sessions closing below Long Term Trend decider 200 Day EMA(today at 7796) and higher levels some selling also therefore deeper correction possibility below 7678 is still alive but after fresh follow up selling because some consolidation patterns were seen yesterday. As both selling and consolidation were seen in previous 2 sessions therefore firstly valid break out of last supports range(7678-7730) of last 26 sessions should be watched for next big moves beginning confirmations.