Finally Correction Continuation/Completion Confirmation from 8637-8728
Intra Day Chart Analysis & Market Outlook
(20-10-2016)
Nifty-Intra Day Chart (19-Oct-2016):-
 |
| Just click on chart for its enlarged view |
1- Selling patterns between 8660-8685
2- Selling patterns between 8672-8686
3- Minor Support between 8637-8655
4- Whole day actual trading between 8637-8686
Conclusions from intra day chart analysis
Following line was told yesterday in "Correction Completion Confirmation will be above 8728 after Strong Global cues led Today Rally":-
"firstly sustaining above 8654 and crossing of next resistance range(8698-8728) is must for the confirmation of that correction completion which started on 07-09-2016 from 8968.70."
Although Nifty traded most time above 8654 and also closed just above it as well as minor Supports were seen below it but sufficiently good selling patterns formations also developed above it therefore emergence of fresh down moves signals today.
As strong rally yesterday therefore equally good follow up selling is also required for decisive down beginning and sustaining below today lowest(8637). Expected that Nifty will firstly trade and prepare for next trend within and near about today trading range(8637-8686) in the coming 1/2 sessions and finally sustaining beyond 8637-8728 will be confirmation of that correction continuation/completion which started on 07-09-2016 from 8968.70.