Finally rally continuation expectations after follow up consolidation within and above gap support
Intra Day Chart Analysis & Market Outlook
(23-03-2017)
Nifty-Intra Day Chart (22-Mar-2017):-
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| Just click on chart for its enlarged view |
1- Mixed Patterns between 9037-9072
2- Whole day actual trading between 9020-9072
Conclusions from intra day chart analysis
As crashing like situation in all the Global markets therefore huge gap down opening in Indian markets but more than 5 hours trading with mixed patterns formations which means that next trend will be decided from break out of that gap(8976-9062) which was formed on 14-03-2017 after UP Elections results announcement and Nifty closed within it at 9030.45 today.
13 Sessions trading range(8860-8993) was broken out forcefully on 14-03-2017 with gap between 8976-9062 and this gap is next strong support of Nifty. Although last 4 sessions are showing down moves but without too much selling patterns formations and consolidation was also seen and today sharp down moves were due to Global markets pressure therefore view will not be Bearish. Still expected that finally rally will remain continued after follow up consolidation within and above mentioned gap support.