Levels will confirm life of on going correction
Intra Day Chart Analysis & Market Outlook
(21-11-2017)
Nifty-Intra Day Chart (20-Nov-2017):-
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1- 5 Hours consolidation between 10264-10290
2- Whole day actual trading between 10262-10309
Conclusions from intra day chart analysis
Following lines were told yesterday in "Next trend confirmations from levels":-
1- Selling between 10310-10343
2- Previous resistances were between 10346-10377
3- Nifty will firstly prepare for next trend between 10232-10377 in the coming week
Selling was told above 10310 and Nifty could not move above it as well as whole day traded below it with today highest formations just below it at 10309.85.
Although next strong resistances are between 10310-10343 but 5 hours consolidation between 10264-10290 therefore this range will be immediate strong support and until complete fresh selling will not develop till then Nifty will not easily sustain below 10264
As strong supports and equally strong resistances are lying between 10262-10377 therefore firstly Nifty has to trade and prepare for next trend within this range in the coming sessions and finally sustaining beyond this range will confirm next trend as well as life of on going correction.