Just Watch 8134-8219 amid Down Moves View
Intra Day Chart Analysis & Market Outlook
(04-01-2017)
Nifty-Intra Day Chart (03-Jan-2017):-
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1- Slipping 47 points immediately after opening
2- Minor consolidation between 8149-8163
3- Up moves in Bearish Rising Channel
4- Selling patterns formation between 8204-8219
5- Whole day actual trading between 8149-8219
Conclusions from intra day chart analysis
Although all the Asian markets were trading positive but Nifty slipped 47 points immediately after Green opening and minor consolidation at lower levels of the day therefore recovery was seen. As up moves in Bearish Rising Channel and higher levels selling patterns formations also therefore view will not bullish.
As selling patterns formations are being seen in last 3 sessions therefore it seems that Indian markets are under selling process and expected that finally decisive down moves will be seen below 8100 after follow up selling in the next 1/2 sessions.
As Dow Jones is trading more than 160 points up and if closes with such good gains today then sentiment may remain Bullish tomorrow morning and Indian markets may also remain positive if most Asian markets remains strong. Higher levels selling patterns formation between 8204-8219 and until Nifty will not sustain above 8219 after follow up consolidation till then decisive up moves will not be seen and once fresh selling will mean strong possibility of decisive down moves beginning.
Although down moves are expected but for confirmation valid break out of 8134-8219 should also be watched for next trend confirmation.