Emergence of Short Term Correction possibility
Intra Day Chart Analysis & Market Outlook
(07-06-2016)
Nifty-Intra Day Chart (06-Jun-2016):- |
| Just click on chart for its enlarged view |
1- 5 Hours trading with Mixed Patterns formations between 8205-8234
2- 5 Hours trading range broken down forcefully
3- Whole day actual trading between 8187-8234
Conclusions from intra day chart analysis
Following conclusive lines were told yesterday in "Firstly Sideways Market in Coming Week for Next Trend Preparation":-
1- As clear selling between 8241-8262 therefore it will be immediate resistance of Nifty
2- Firstly Nifty has to prepare for any side decisive moves and that will be done through sideways trading
Immediate resistance of Nifty was told between 8241-8262 and today highest was below this resistance range at 8234.70. Sideways trading was also told and Nifty remained sideways within only 47 points between 8187-8234 today as well as prepare for next decisive moves.
Although 5 Hours today trading was with Mixed Patterns formations but clear selling patterns were seen between 8241-8262 yesterday and next resistances just above this range are between 8260-8315 therefore once valid break down of today trading range(8187-8234) will mean high possibility of Short Term down moves towards the top of previous 28 Sessions trading range(7678-7992)
As RBI Credit Policy at 11:00 AM tomorrow therefore high volatility just before it can not be ruled out but emergence of Short Term Correction possibility below today lowest(8186.05) and towards 7992 despite whatsoever announcements by RBI Governor tomorrow because clear selling patterns just below next resistance(8260) last Friday and Mixed Patterns formations today.