Correction Continuation towards next supports
Intra Day Chart Analysis & Market Outlook
(11-04-2017)
Nifty-Intra Day Chart (10-Apr-2017):- |
| Just click on chart for its enlarged view |
1- Previous closing at 9198.30
2- Only up and down moves without any specific position formations
3- Whole day actual trading between 9175-9225
Conclusions from intra day chart analysis
As only up and down moves above and below previous closing without any specific position formations therefore no view can be formed only from today intraday trading patterns formations and conclusions will be drawn from other following studies:-
1- 14 Sessions trading range(9020-9191) was broken out on 03-04-2017.
2- Immediate supports range just above 14 sessions trading range were between 9193-9210.
3- Nifty slipped below immediate supports range but closed within it at 9198.30 last Friday.
4- Nifty closed below immediate supports range within 14 Sessions trading range at 9181.45 today.
As Nifty could not sustain above 14 sessions trading range and closed within it today therefore its break out on 03-04-2017 will be understood a false signal and now Nifty will be understood sideways between 9020-9274.
Correction were told in all the previous 4 outlooks and it is being seen. Let complete consolidation develop then on going correction completion will be considered and till then its continuation can not be ruled out towards following next supports within 14 sessions trading range:-
1- 9148-9166
2- 9110-9124
3- 9025-9040