Correction continuation
Intra Day Chart Analysis & Market Outlook
(23-12-2016)
Nifty-Intra Day Chart (22-Dec-2016):-
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| Just click on chart for its enlarged view |
1- Loosing 52 points in first 30 minutes
2- Last 5 hours trading with Mixed Patterns formations between 7965-7996
3- Whole day actual trading between 7965-8046
Conclusions from intra day chart analysis
Loosing 52 points in first 30 minutes after gap down opening and after that continuous down moves till opening of European markets which means that selling till 01:30 PM today. Although last 5 hours trading with Mixed Patterns formations between 7965-7996 and some recovery from lower levels but more selling will be considered within this range because:-
1- recovery from lower levels was on the back of some up moves in European markets.
2- This trading range moves were more than 0.75 downward levels therefore selling will be considered in today like sentiments.
As intraday patterns of today are suggesting fresh selling therefore correction continuation will be seen below today lowest.