Rally Continuation above 8500
Intra Day Chart Analysis & Market Outlook
(25-01-2017)
Nifty-Intra Day Chart (24-Jan-2017):-
 |
| Just click on chart for its enlarged view |
1- Consolidation between 8428-8445
2- Last hours up moves with consolidation
3- Whole day actual trading between 8399-8480
Conclusions from intra day chart analysis
Although Nifty closed at the top of Rally at 8475.80 today but we told for Rally continuation in all the previous 11 Outlooks since 08-01-2017. Even though when Nifty closed near the lowest of the day last Friday but told following conclusive line on 22-01-2017 in "Still Rally continuation Expectations":-
finally rally will remain continued above previous 7 sessions highest(8460)
Up moves beginning after positive opening and whole day rally continuation after follow up consolidations as well as no selling pattern formations today therefore rally continuation is expected above 8500. As very short Term Indicators have turned over bought today after last 2 sessions rally therefore minor correction for consolidation can not be ruled out any day but finally rally continuation will be seen because until complete selling patterns on EOD charts will not develop till then decisive down moves will not be seen.