Short Term correction expectations after follow up selling
Intra Day Chart Analysis & Market Outlook
(11-01-2018)
Nifty-Intra Day Chart (10-Jan-2018):-
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1- Selling between 10631-10642
2- Support between 10593-10612
3- Up moves in Bearish Rising Channel in last hour
4- Whole day actual trading between 10593-10642
Conclusions from intra day chart analysis
Although Nifty closed positive near the highest levels of the day with new life time highest formations yesterday but we told following lines yesterday in "Levels will confirm Short Term correction":-
1- Last 2 sessions trading was between 10597-10647 with both buying and selling patterns formations
2- only selling patterns were seen today
3- firstly valid break down of this range should be watched in the next 1/2 sessions for Short Term correction beginning.
Nifty slipped bellow 10597 today but got supports just below it at 10592.70 and recocovered. As selling was seen between 10631-10642 immediately after opening and selling patterns formations through Up moves in Bearish Rising Channel in last hour also therefore Short Term correction beginning possibility is still alive and firstly sustaining below 10593 should be watched in the coming sessions for its confirmations.
As Short Term indicators have turned overbought and selling is being seen in last 3 sessions also therefore Short Term correction is expected in the coming sessions but follow up selling is must between 10593-10647.