Firstly Very Short Term correction before Budget
Intra Day Chart Analysis & Market Outlook
(30-01-2017)
Nifty-Intra Day Chart (27-Jan-2017):-
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| Just click on chart for its enlarged view |
1- Selling between 8653-8672
2- Whole day actual trading between 8624-8672
Conclusions from intra day chart analysis
Although 0.45% Green closing after whole day positive zone trading but clear selling patterns formations were also seen and no consolidation patterns formations therefore Very Short Term correction is firstly expected in the beginning of next week.
Correction may be sideways near about day's trading range(8624-8672) also but once slipping sharply below day's lowest also can not be ruled out. As Union Budget on 1st Feb 2017 therefore Nifty will prepare for post Budget moves in the coming 2 sessions without sustaining above day's highest(8672).
Expected that finally decisive moves beyond day's trading range will be seen after Budget and before that Nifty will prepare for that within and near about 8624-8672.