Finally Rally Continuation after follow up Consolidation
Technical Analysis,Research & Weekly Outlook
(Jan 16 to Jan 20,2017)
Nifty-EOD Chart (13-Jan-2017):- |
| Just click on chart for its enlarged view |
1- Resistances between 8506-8969
2- Supports between 7894-8219
Intra Day Chart Analysis(13-01-2017)
Nifty-Intra Day Chart (13-Jan-2017):-
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1- Down moves in Bullish Falling Channel
2- More than 5 hours trading Mixed Patterns between 8374-8406
3- Whole day actual trading between 8374-8442
Conclusions from intra day chart analysis
Firstly Down moves in Bullish Falling Channel but after that more than 5 hours trading with Mixed Patterns between 8374-8406 therefore Nifty has to prepare for next decisive moves within and near about this trading range.
Conclusions (After Putting All Studies Together)
Nifty closed at 8400 in previous trading session which is in the center of multiple resistances and supports but last 3 sessions closing above Long Term Trend decider 200 Day DMA(today at 8297) after gap up opening on 11-01-2017 therefore high possibility of on going rally continuation towards above mentioned next resistances.
Although intraday charts of 13th Jan is showing more than 5 hours trading with Mixed Patterns between 8374-8406 but good consolidation was seen between 8383-8398 on 12th Jan therefore up moves continuation possibility is alive.
As indicators are overbought therefore some volatility and Short Term Correction can not be ruled out for cooling down but finally rally continuation is expected after follow up consolidation.