Watch levels for next trend confirmations amid Pull Back Rally continuation expectations
Intra Day Chart Analysis & Market Outlook
(26-02-2018)
Nifty-Intra Day Chart (23-Feb-2018):-
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1- Up moves with intraday corrections
2- More than last 3 hours slow up moves
3- Whole day actual trading between 10397-10499
Conclusions from intra day chart analysis
Following line was told in previous outlook on 21-02-2018 in "Emergence of Pull Back Rally possibility":-
emergence of Pull Back Rally possibility in the coming sessions but follow up consolidation is must for sustaining above 10429
As good follow up consolidation on 22-02-2018 therefore strong rally was seen on 23-02-2018 through up moves with intraday corrections but last hours up moves were slow therefore some more consolidation is firstly required near about last Friday highest(10499) for rally continuation.
It is clear that last Friday strong up moves were after 2 previous sessions good intraday consolidation between 10343-10376 therefore until complete selling will not develop till then decisive down moves will not be seen below 10343 and following next trend will be seen after valid break out of last 12 sessions trading range(10399-10637)
1- Below 10399 will mean correction continuation towards next supports(10343-10376 and 10277-10372)
2- Above 10612 first will mean strong signal of correction completion.
Just watch above levels for next trend confirmations amid Pull Back Rally continuation expectations in the beginning of next week.