7917-8063 will Confirm Next Decisive Moves Beginning
Intra Day Chart Analysis & Market Outlook
(23-11-2016)
Nifty-Intra Day Chart (22-Nov-2016):- |
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1- More than 5 hours consolidation between 7939-7983
2- Whole day actual trading between 7939-8019
Conclusions from intra day chart analysis
As 4 hours trading with Mixed Patterns between 7928-7984 yesterday and fresh consolidation was firstly required for decisive up moves above it therefore Nifty traded more than 5 hours within this range between 7939-7983 and moved up after some consolidation within this range today. Although today closing near the higher levels of the day but Recovery from lower levels was after strong opening of European markets and Indian markets under performed all the Asian markets and Dow's Futures also therefore sustaining above day's highest(8019) is must for the confirmation of Pull Back Rally beginning.
Expected that Nifty will firstly trade and prepare for next decisive moves between 7917-8063 and valid break out of this range will confirm its beginning.