Consolidation Process is on
Intra Day Chart Analysis & Market Outlook
(18-11-2016)
Nifty-Intra Day Chart (17-Nov-2016):- |
| Just click on chart for its enlarged view |
1- Whole day down moves in Bullish Falling Channels
2- Whole day actual trading between 8061-8151
Conclusions from intra day chart analysis
Although first 15 minutes up moves but after that whole day down moves in Bullish Falling Channels therefore it will be understood that Indian markets are in consolidation process because consolidation was seen in last 2 sessions also between 8090-8236,same view which was posted yesterday that Nifty will trade and prepare for next up moves within and near about this range.
It should be kept in mind that slipping below today lowest(8061) is also possible during consolidation process. Let more consolidation develop and bottom formation confirmation come then first strong signal of on going correction completion will be considered and till then Nifty will be understood sideways between 8003-8236.