Lalit Dhingra
View Profile

8477 will open the doors of Deeper Correction

Lalit Dhingra at 10:38 PM - Nov 03, 2016 ( ) Views: 410

8477 will open the doors of Deeper Correction

Intra Day Chart Analysis & Market Outlook

(04-11-2016)

Nifty-Intra Day Chart (03-Nov-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

 

1- First 3 hours selling between 8510-8537

2- Down moves in Bullish Falling Channels in last 3 hours 

3- Whole day actual trading between 8477-8537

 

Conclusions from intra day chart analysis 

 

Although selling in first 3 hours but some consolidation also in last 3 hours through Down moves in Bullish Falling Channels therefore not sustaining below last 77 Sessions lowest(8477) and closing above it at 8484.85 after today lowest formations at 8476.15 

 

Multiple and strong supports between 8477-8580 were updated many times in last 3 months and Nifty got supports exactly at 8476.15 today. As last 3 hours some consolidation also therefore fresh selling is firstly required tomorrow for deeper correction beginning after sustaining below 8477 which should be firstly watched in the coming sessions.

 

Most Global markets are nervous due to US Presidential Elections uncertainty and once big negative development confirmation from there will mean huge fall in Indian markets also because in that situation 77 sessions like big trading range will be broken down after sustaining below 8477 which will open the doors of deeper correction.


Login to participate in discussion.



Top Gainers

MAX INDIA LIMITED 80.15 13.35 (19.99%)
PG ELECTROPLAST LTD 113.90 18.95 (19.96%)
THE MANDHANA RET VENT LTD 40.00 6.20 (18.34%)
NITCO LIMITED 38.50 5.60 (17.02%)
RELIANCE NAVAL & ENGG LTD 16.70 2.40 (16.78%)
DUCON INFRATECHNOLOGIES L 14.35 1.45 (11.24%)
GOA CARBON LIMITED 599.75 54.50 (10.00%)
IZMO LIMITED 67.50 6.05 (9.85%)
BINANI INDUSTRIES LTD 77.50 6.80 (9.62%)
MAX VENTURES AND INDS LTD 56.50 4.75 (9.18%)



Top Losers

ANIK INDUSTRIES LTD 23.45 -3.65 (-13.47%)
ASHIMA LTD 12.70 -0.95 (-6.96%)
FORTIS HEALTHCARE LTD 141.10 -10.50 (-6.93%)
ADHUNIK INDUSTRIES LTD 48.00 -3.30 (-6.43%)
MAHAMAYA STEEL INDS LTD 74.05 -4.90 (-6.21%)
BHUSHAN STEEL LIMITED 39.55 -2.55 (-6.06%)
PREMIER LIMITED 7.35 -0.45 (-5.77%)
JAIN DVR EQUITY SHARES 46.00 -2.80 (-5.74%)
SAKUMA EXPORTS LIMITED 32.10 -1.80 (-5.31%)
INDOWIND ENERGY LTD 6.65 -0.35 (-5.00%)