Cautiously Bearish View
Intra Day Chart Analysis & Market Outlook
(27-10-2016)
Nifty-Intra Day Chart (26-Oct-2016):-
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| Just click on chart for its enlarged view |
1- 5 Hours sideways trading with Mixed Patterns between 8618-8648
2- Last hour some down moves on the back of sharp down in European markets and Dow's Futures
3- Whole day actual trading between 8597-8648
Conclusions from intra day chart analysis
Slipping 60 points in first minute after gap down opening and after that 5 hours sideways trading with Mixed Patterns formations between 8597-8648 and last hour some down moves on the back of sharp down in European markets and Dow's Futures therefore view will be cautiously Bearish because both intraday selling and consolidation patterns were seen in first 5 hours today.
Correction is on and Short Term Trend is sideways between 8507-8728 for the last 12 Sessions. As clear selling patterns formation yesterday and some selling was also seen today therefore possibility of more down down moves towards 8507 can not be ruled out tomorrow but follow up selling and valid break down of today lowest(8597) is also firstly required for fresh and decisive down moves.