Correction continuation after follow up selling 

Intra Day Chart Analysis & Market Outlook

(04-05-2018)

Nifty-Intra Day Chart (03-May-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10680-10710
2- Selling between 10690-10708
3- Consolidation between 10648-10669
4- Whole day actual trading between 10648-10712

Conclusions from intra day chart analysis 

Although Short Term correction is on but slow and Nifty out performed also all Global markets today therefore follow up selling is firstly required for correction continuation because lower levels consolidation was also seen after higher levels selling.

As selling in last 3 sessions and Intermediate Term indicators are overbought therefore correction continuation is expected but follow up selling is fistly reuqired for sustaining below today lowest. 

Firstly watch levels for next trend confirmations

Intra Day Chart Analysis & Market Outlook

(03-05-2018)

Nifty-Intra Day Chart (02-May-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Slipping after positive opening
2- Mid-Session Up moves in Bearish Rising Channel
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 10690-10770

Conclusions from intra day chart analysis 

Although Nifty spot opened more than 30 points up but Nifty May Fut opened negative and whole day traded in negative zone today therefore it will be understood first signal of weakness since opening.

Firstly slipping and after that more than 3 hours Up moves in Bearish Rising Channel are suggesting selling patterns formations but last hours Down moves in Bullish Falling Channel also therefore today intraday charts will be understood Mixed Patterns formations. 

Last 2 sessions trading with Mixed Patterns formations between 10690-10770 is suggesting that Nifty will have to prepare for next decisive moves within and near about this range and finally sustaining beyond this range should be firstly watched in the coming sessions and next trend confirmations.

7 sessions trading range will confirm next Trend

Intra Day Chart Analysis & Market Outlook

(02-05-2018)

Nifty-Intra Day Chart (30-Apr-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10722-10759
2- Whole day actual trading between 10722-10759

Conclusions from intra day chart analysis 

As most Asian markets were trading strong last Friday therefore positive opening but completely underperformed and closed 0.44% up while most Asian markets closed after gaining more than 0.90% points.

Whole day actual trading within 37 points between 10722-10759 with selling patterns formations is indicating fresh down moves beginning below 10722.

I am Bearish since long but sorry to say that I have proved completely wrong this time because rally extended due to good Quarterly results of IT companies and strong Global markets also.

7 sessions sideways trading was between 10510-10638 before 27-04-2018 and this range was broken out last Friday on the expectation of strong RIL quarterly results as well as whole day selling was seen on 30-04-2018 therefore firstly sustaining above 7 sessions trading range highest(10638) should be firstly watched in next week for the confirmation of on going rally continuation. If finally Nifty sustainins below 10638 then be cautious because sustaining below 7 sessions trading range lowest(10510) will be strong signal of on going rally completion and correction continuation towards and below 10000.