Intra Day Chart Analysis & Market
Outlook(18-08-2016)
Nifty-Intra Day Chart (17-Aug-2016):- |
| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel
2- Consolidation between 8633-8642
3- Sharp up
4- Down moves in Bullish Falling Channel
5- Selling between 8617-8630
6- Whole day actual trading between 8604-8687
Conclusions from intra day chart analysis
Although firstly up moves in Bearish Rising Channel but lower levels consolidation was also seen 8633-8642 therefore following lines were told today at 10:15 AM in "Post-open Outlook(17-08-2016)":-
1- today intraday charts are showing some consolidation indications
2- therefore view will watchful and valid break out of yesterday trading range(8601-8682) should be watched for next decisive moves confirmations.
As some consolidation therefore up moves with new intraday highest formation was also seen but as soon as European markets and Dow's Futures slipped fast from higher levels then Indian markets also moves down fast and new intraday lowest formation was also seen as well as new intraday highest and lowest formation was also seen within 1 hour.
As both intraday consolidation and selling patterns were seen today therefore valid break out of yesterday trading range(8601-8682) should be watched for next decisive moves confirmations but final trend will be decided through sustaining beyond last 20 sessions trading range(8518-8728).
Nifty is not trending and sideways for the last 20 sessions within 210 points between 8518-8728 and next decisive moves will be seen only after sustaining it beyond otherwise today like volatility without any specific technical position formation within this range can not be ruled out in the coming sessions.