Signals of correction completion
Intra Day Chart Analysis & Market Outlook
(08-12-2017)
Nifty-Intra Day Chart (07-Dec-2017):-
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1- Whole day up moves with intraday corrections
2- Whole day actual trading between 10062-10182
Conclusions from intra day chart analysis
Following lines were told on 03-12-2017 in "Firstly watch next big psychological level for the life of on going correction":-
Correction is on and its continuation is expected towards 10014 but slipping below 10000 also can not be ruled out if consolidation also develops near about it as well as sustaining beyond next big psychological level(10000) should be firstly watched in next week for the life of on going correction.
Correction continuation towards 10014 was told and Nifty bounced back on 07-12-2017 after correction lowest formations at 10033.35 on 06-12-2017 as well as whole day up moves with intraday corrections after positive opening therefore signals of correction completion.
As Very Short Term indicators have turned overbought after strong intraday rally on 07-12-2017 therefore next 1/2 sessions may remain sideways for cooling down of sentiment and follow up consolidation as well as once sustaining above today highest will mean rally continuation above life time highest after Intermediate Term correction completion.