Finally Rally continuation after follow up Consolidation
Intra Day Chart Analysis & Market Outlook
(31-01-2017)
Nifty-Intra Day Chart (30-Jan-2017):-
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| Just click on chart for its enlarged view |
1- Consolidation between 8618-8640
2- Whole day actual trading between 8618-8662
Conclusions from intra day chart analysis
Following lines were told on 29-01-2016 in "Firstly Very Short Term correction before Budget":-
Very Short Term correction is firstly expected in the beginning of next week.
As was told 100% same happened and Nifty traded most time in Red below previous closing(8641.25) and also closed negative today near the lower levels of the day after 44 points sideways trading but consolidation patterns formations near the lower levels of the day therefore 1st signal of on going rally continuation after last 2 sessions correction completion.
Trading between 8624-8672 with higher levels selling last Friday therefore more consolidation is also required for next up moves and its happening tomorrow will mean fresh strong beginning on 1st Feb 2017.
Dow Jones is trading 200 points down at this moment today and its such weaker closing will mean high possibility of weaker Asian markets tomorrow morning and resultant Indian markets may also open negative but expected that finally rally will remain continued above 8672 after follow up consolidation.