Correction continuation 

Intra Day Chart Analysis & Market Outlook

(23-12-2016)

Nifty-Intra Day Chart (22-Dec-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

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.

Correction Continuation towards next Supports

Intra Day Chart Analysis & Market Outlook

(22-12-2016)

Nifty-Intra Day Chart (21-Dec-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- More than 5 hours trading with Mixed Patterns between 8077-8106
2- sharp down in last hour 
3- Whole day actual trading between 8054-8106

Conclusions from intra day chart analysis 

Although closing near the lower levels of the day after sharp fall in last hour but as such selling patterns were not seen and firstly more than 5 hours trading with Mixed Patterns formations therefore sustaining below yesterday mentioned supports lowest(8063) if firstly required for on going correction continuation. Next supports below today lowest are as follows:-

Nifty spot- 7916-7995 (Multiple strong supports)
Nifty Dec Fut- 7977-8032 

Correction is very much on and no confirmation of its completion yet therefore last hour down moves despite Mixed patterns formations in first 5 hours today. Although Nifty Spot next supports are up to 7916 but Nifty Dec Fut supports are up to 7977 therefore its once valid break down will mean Nifty Spot will not getting supports at 7916 and much deeper correction will get confirmations below 7977(Nifty Dec Fut)

Correction continuation is expected towards above mentioned supports and finally next trend will be decided according to sustaining beyond them. 

Watch  Crucial Levels for next trend indications and confirmations

Market Outlook(21-12-2016)

Next supports between 8063-8083 were updated 2 times in previous 3 outlooks and Nifty closed within this range at 8082.40 with today lowest formations at 8062.75 which means that Nifty completely honoured this support range on 20-12-2016. As strong supports are below 8063 and equally strong resistances are above 8083 therefore firstly sustaining it beyond should be watched in the coming sessions because that will give first indication of next trend.

1- Immediate multiple strong supports are between 7916-7995
2- Next resistances are between 8137-8159,8165-8200 and 8168-8224

Expected that Nifty will firstly trade and prepare for next big trend between 7995-8137 in the coming 1/2 sessions but final confirmation of next trend will be valid break out of 7916-8224 because that will confirm deeper 400 points correction below 7916 or fresh strong rally after correction completion above 8224.

As Nifty is trapped between supports and resistances therefore above mentioned levels levels should be firstly watched one by one in the coming sessions for next Trend indications and confirmations.

Firstly Watch Next Supports after Mixed Patterns formations today 

Intra Day Chart Analysis & Market Outlook

(20-12-2016)

Nifty-Intra Day Chart (19-Dec-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- 5 Hours trading with Mixed Patterns between 8106-8132
2- Sharp down in last hour
3- Whole day actual trading between 8094-8132

Conclusions from intra day chart analysis 

Although closing near the lower levels of the day after last hours down moves but as such selling patterns were not seen but Mixed Patterns formations between 8106-8132 in first 5 hours today therefore follow up moves for the preparation of next decisive moves is firstly required within and near about today trading range.

Next supports between 8063-8083 were updated on 15-12 2016 in "Deeper correction below 8150" and its valid break out should be firstly watched in the coming sessions because pure selling patterns formations was not seen today and fresh selling tomorrow will mean possibility of sharp fall towards next supports(7916-7995) 

Correction Continuation Expectations

Intra Day Chart Analysis & Market Outlook

(19-12-2016)

Nifty-Intra Day Chart (16-Dec-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8137-8159
2- Whole day actual trading between 8128-8159

Conclusions from intra day chart analysis

As whole day trading within 32 points with only intraday selling patterns formations therefore on going correction continuation is expected in the beginning of next week.