Finally Rally Continuation after Sideways Correction Completion
Intra Day Chart Analysis & Market Outlook
(18-01-2017)
Nifty-Intra Day Chart (17-Jan-2017):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channels
2- Whole day actual trading between 8379-8440
Conclusions from intra day chart analysis
As positive news from GST council meeting yesterday evening therefore initial up moves also after positive opening but not sustaining at higher levels and slipping into negative zone within 1st hour of trading. Although 14 points down closing after last more than 5 hours negative zone trading but view will not be Bearish because all the Down moves were in Bullish Falling Channels which is showing consolidation patterns formations today.
Last 4 sessions trading within 66 points between 8374-8440 with both selling and consolidation patterns formations therefore Nifty will trade and prepare for prepare for next decisive moves beyond this trading range which will be firstly done within and near about it in the coming sessions.
As Bullish rally is on and sufficient consolidation patterns were also seen within 8374-8440 in last 4 sessions therefore it will be understood that Nifty is correcting within sideways trading range and finally rally will remain continued above 8440 after follow up consolidation in the coming 1/2 sessions.