8477 will open the doors of Deeper Correction
Intra Day Chart Analysis & Market Outlook
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.