Consolidation Process beginning Signals
Intra Day Chart Analysis & Market Outlook
(17-11-2016)
Nifty-Intra Day Chart (16-Nov-2016):-
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| Just click on chart for its enlarged view |
1- Whole day down moves in Bullish Falling Channels
2- Whole day actual trading between 8090-8193
Conclusions from intra day chart analysis
Although flat closing near the lower levels of the day today but no intraday selling patterns formations and consolidation through whole day down moves in Bullish Falling Channels also therefore view will not be Bearish. As intraday consolidation patterns formations yesterday and follow up consolidation today also therefore signals of Indian markets moving into consolidation phase which means that Indian markets are preparing for fresh decisive up moves but this process will take its own time.
Last 2 sessions actual trading between 8090-8236 and expected that Nifty will trade and prepare for next up moves within and near about this range. It should be kept in mind that slipping below 8090 is also possible during process. Let more consolidation develop and bottom formation confirmation come then on going correction completion will be considered and till then Nifty will be understood sideways between 8003-8236.