Correction Continuation Despite Whatsoever Announcements by FOMC Tonight
Intra Day Chart Analysis & Market Outlook
(22-09-2016)
Nifty-Intra Day Chart (21-Sep-2016):-
Technical Patterns and Formations in today intraday charts
1- Only Volatility
2- Whole day actual trading between 8758-8826
Conclusions from intra day chart analysis
Following lines were told yesterday in "Post FOMC One Sided Big Moves Confirmations from Crucial Levels":-
As mixed patterns formations today therefore Nifty has to prepare for post FOMC next big moves and that will be firstly done between crucial levels(8736-8836) tomorrow.
As was told 100% same happened today and Nifty traded whole day today within mentioned crucial levels(8736-8836) between 8758-8826 as well as prepared for post FOMC big moves on 22-09-2016.
Although most Asian markets closed in Green and some with good gains but Indian markets completely under performed all the Global markets today because most European markets were also trading with good gains and Dow's Futures was more than 60 points up during Indian trading hours.
Only intraday volatility developed and as such one sided patterns formations were not seen today but Indian markets completely under performed most Global markets therefore good selling on the back of strong Global markets can not be ruled out and resultant correction continuation below today lowest(8758) are expected in the coming sessions despite whatsoever announcements by FOMC tonight but high volatility can not be ruled out tomorrow on FOMC reactions.
Next supports below today lowest are between 8695-8736 and once its valid break down will mean sharp fall towards and below 8544.