8306 Will mean Fresh Strong Rally
Intra Day Chart Analysis & Market Outlook.
(09-01-2017)
Nifty-Intra Day Chart (06-Jan-2017):- |
| Just click on chart for its enlarged view |
1- Minor selling between 8296-8306
2- Down moves in Bullish Falling Channels
3- Mixed Patterns between 8261-6280
4- Whole day actual trading between 8234-8306
Conclusions from intra day chart analysis
Although 30 points negative closing near the lower levels of the day but huge selling was not seen and good consolidation was also seen through down moves in Bullish Falling Channels at higher levels and lower levels of the day therefore view will not be Bearish and some up moves are expected in the beginning of next week.
As minor selling at the higher levels of the day and Mixed Patterns formations also therefore follow up consolidation is firstly required for decisive up moves in next week. Once sustaining above 8306 after follow up consolidation will mean fresh strong rally beginning after long Term Trend turning up confirmation through valid break out of its decider 200 Day SMA(today at 8279)