Deeper Correction is on Cards Now
Intra Day Chart Analysis & Market Outlook
(26-08-2016)
Nifty-Intra Day Chart (25-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Selling between 8666-8683(Immediate Resistances)
2- Down moves beginning after sharp fall beginning in European markets and Dow's Futures
3- Whole day actual trading between 8584-8683
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly Watch Crucial Levels after Global markets led volatility Today":-
Last 8 Sessions trading between 8580-8687 with higher levels selling therefore view will not be Bullish until Nifty will not sustain above 8687 after follow up complete consolidation. Follow up selling and valid break down below 8580 will confirm decisive down moves and deeper correction possibility also.
Although Nifty closed after strong recovery from lower levels yesterday but we were not Bullish and updated the levels between 8580-8687 in which Nifty traded whole day today within 8583.65-8683.05.
As fresh selling between 8666-8683 today and sharp fall beginning in European markets and Dow's Futures also therefore down moves were seen in last hours of the day today. Nifty traded between 8580-8687 in last 9 sessions with higher levels good selling and minor supports at lower levels therefore possibility of slipping below 8580 and deeper correction beginning can not be ruled out. As last 9 sessions lowest(8580) has become most crucial today therefore its valid break down should be firstly watched in the coming sessions for deeper correction confirmations which is on cards now.