Firstly Watch Next Supports after Breaking Down Confirmation of
Long Term Trend
Long Term Trend
Intra Day Chart Analysis & Market Outlook
(22-11-2016)
Nifty-Intra Day Chart (21-Nov-2016):-
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| Just click on chart for its enlarged view |
1- 4 hours trading with Mixed Patterns between 7928-7984
3- Whole day actual trading between 7917-8102
Conclusions from intra day chart analysis
Although positive opening but slipping 61 points in first 7 minutes as well as 150 points continuous down moves till 11:00 AM because pressures on all assets classes and Stock Markets due to demonetisation of Rs 1000 and Rs 500 notes. Although all the Global markets moved up after Trump victory huge fall but Indian markets are continuously falling which may be due sudden high imbalance in the cash of big operators due to demonetisation.
May be any reason but correction is on and no confirmation of its completion yet. As slipped below the bottom of Wave-ii of Wave-3(7927.05) therefore waves will have to be recounted and Fibonacci Retracement levels of post Budget Rally(6826-8968) are as follows:-
1- 13.0%- 8689(Corrected)
2- 23.6%- 8462(Corrected)
3- 27.0%- 8389(Corrected)
4- 38.2%- 8149(Corrected)(Crucial)
5- 50.0%- 7897(Crucial)
6- 61.8%- 7644(Crucial)
7- 70.7%- 7453
8- 76.4%- 7331
9- 78.6%- 7284
10-88.6%- 7070
As 4 hours trading with Mixed Patterns between 7928-7984 near the lower levels of the day amid correction continuation therefore once slipping below today lowest(7917) will mean correction continuation towards following supports:-
1- 7690-7795(Multiple supports)
2- 7525-7595
Although long term impact of demonetisation will be highly positive for Indian economy and country growth but big jolt for big players and let all the things settle till then wait for bottom formation confirmations during on going correction and firstly watch above mentioned supports after breaking down confirmation of Long Term Trend decider 200 Day SMA(8140) today.