Levels will confirm Short Term correction
Intra Day Chart Analysis & Market Outlook
(10-01-2018)
Nifty-Intra Day Chart (09-Jan-2018):-
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| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channels
2- Whole day actual trading between 10604-10647
Conclusions from intra day chart analysis
As mixed patterns formations therefore following lines were told yesterday in "Rally continuation expectations after follow up consolidation":-
1- Mixed Patterns formation therefore some consolidation is firstly required for decisive up moves
2- Although minor selling patterns formations but view will not be Bearish
3- until complete selling patterns will not develop till then any type of correction will not be seen
4- Rally continuation expectations are very much alive but after follow up consolidation.
Rally remained continued through Green closing today but follow up consolidation was not seen and selling patterns developed also through Up moves in Bearish Rising Channels therefore follow up selling tomorrow will mean Short Term correction beginning.
Last 2 sessions trading was between 10597-10647 with both buying and selling patterns formations but only selling patterns were seen today therefore firstly valid break down of this range should be watched in the next 1/2 sessions for Short Term correction beginning.