8154 Will Confirm Deeper and Sharp Correction
Intra Day Chart Analysis & Market Outlook
(23-06-2016)
Nifty-Intra Day Chart (22-Jun-2016):- |
| Just click on chart for its enlarged view |
1- Selling Patterns between 8213-8238
2- Support between 8154-8187
3- Whole day actual trading between 8154-8238
Conclusions from intra day chart analysis
Following lines were told on 21-06-2016 in "Emergence of Short Term but Sharp correction Possibility":-
emergence of some down moves possibilities below day's lowest (8202.15).
As was told 100% same happened and Nifty slipped below 8202.15 as well as closed just above it at 8203.70 after intraday lowest formation at 8153.25
Follow up was seen selling between 8213-8238 after previous session selling between 8221-8230 therefore levels between 8213-8238 have become immediate and strong resistance,until Nifty will not sustain above 8238 after complete consolidation till then any decisive up move will not be seen. Once sustaining below 8213 after fresh selling between day's support range(8154-8187) will mean fresh down moves towards next strong supports(8064)
As selling indications and patterns in last 4 sessions therefore some more down moves are expected towards and below 8154 but view should be cautious because Brexit poll results led high volatility may be seen in the next 2 sessions and finally sustaining below 8154 will mean deeper and sharp correction.