Post Budget Rally confirmation through crucial Levels
Intra Day Chart Analysis & Market Outlook
(01-02-2017)
Nifty-Intra Day Chart (31-Jan-2017):-
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| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Up moves in Bearish Rising Channel
3- Volatility
4- Whole day actual trading between 8553-8631
Conclusions from intra day chart analysis
Although Union Budget expectations but whole day weakness due to weaker closing of US markets and most negative news of H-1B visa bill presentation in US congress therefore Indian IT companies crashed and resultant negative closing of Indian markets today. As clear one sided position formation was not seen and and both consolidation and distribution patterns developed as well as whole day news based market today therefore no conclusion can be drawn only from intraday charts analysis.
Union Budget will be tabled tomorrow but news based today market with Mixed patterns formations therefore high volatility can not be ruled tomorrow and post Budget rally confirmation will be through valid break out crucial levels(8549-8672) despite expectations of rally continuation above 8672 after follow up consolidation.