8626 Will confirm correction continuation towards 8518
Intra Day Chart Analysis & Market Outlook
(10-08-2016)
Nifty-Intra Day Chart (09-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Selling between 8686-8710
2- Support between 8639-8661
3- Selling between 8673-8686
4- Whole day actual trading between 8639-8710
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly Watch 8708-8723 for next trend after RBI Credit Policy ":-
1- Distribution Patterns between 8708-8723
2- finally sustaining beyond today selling range(8708-8723) should be firstly watched tomorrow for fresh rally above 8723 or Short Term correction below 8708.
Selling between 8708-8723 was told yesterday and almost whole day trading below it today with fresh selling. Although some supports at lower levels of the day above 8639 but again selling between 8673-8686 during last hour of the day.
As sufficiently good selling between 8673-8723 in last 2 sessions therefore correction continuation and more down moves can not be ruled out but some supports developed between 8639-8661 today which are within next immediate supports range(8626-8652). Next supports below 8626 are between 8518-8541 and once valid break down of 8626 will confirm on going correction continuation towards 8518.