8477 will confirm Sharp fall after FOMC statement Tonight
Intra Day Chart Analysis & Market Outlook
(03-11-2016)
Nifty-Intra Day Chart (02-Nov-2016):-
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| Just click on chart for its enlarged view |
1- Selling patterns formation between 8532-8549
2- Whole day actual trading between 8505-8549
Conclusions from intra day chart analysis
As Crashing like situation in all the Global markets amid 2 days FOMC meet led uncertainty therefore huge gap down opening of Indian markets. Sufficiently good selling patterns formations today therefore more down moves below today lowest can not be ruled out in the coming sessions.
Corrective Wave-iv of Wave-3 was continued with previous lowest formation at 8506.20 and new intraday lowest was formed below it at 8504.85 today. Multiple and strong supports between 8477-8580 were updated many times in last 3 months and Nifty got supports within this range many times as well as new intraday lowest formations within this range today therefore this support range is still intact.
Short Term Trend is sideways between 8507-8728 for the last 16 Sessions and its lowest was tested today. Valid break down of 8507 will mean Intermediate Term Trend turning down high possibility which is sideways between 8477-8968 for the last 76 Sessions.
The FOMC's statement is due out at 11:30 PM today and all the Global markets will react on it tomorrow. As fresh selling just above 8477 and 8507 today therefore follow up selling tomorrow will mean high possibility of sustaining below 8477 which will open the doors of fresh sharp down moves towards following supports:-
1- 8297-8343
2- 8083-8147
3- 7964-8000