Rally continuation after follow up consolidation
Intra Day Chart Analysis & Market Outlook
(16-08-2017)
Nifty-Intra Day Chart (14-Aug-2017):-
 |
| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel
2- Intraday correction in last half hour
3- Whole day actual trading between 9753-9818
Conclusions from intra day chart analysis
As some consolidation was seen in last 2 sessions of previous week therefore we told for Strong Pull Back Rally on last Monday and it was seen after gap up opening and more than 5 hours continuous up moves. As up moves were in Bearish Rising Channel and due to this sentiment turned heated therefore intraday correction was seen in last half hour which will be understood healthy for last Monday started Pull Back Rally continuation.
Expected that Nifty will firstly trade within last Monday trading range and prepare for next moves but high possibility of on going rally continuation after 1/2 sessions follow up consolidation because resistances are lying above last Monday highest.