8715-8822 will confirm next trend
Intra Day Chart Analysis & Market Outlook
(13-02-2017)
Nifty-Intra Day Chart (10-Feb-2017):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channels
2- More than 2 hours trading with mixed Patterns between 8788-8804
3- Last 2 hours high volatility
4- Whole day actual trading between 8772-8822
Conclusions from intra day chart analysis
Although firstly consolidation through down moves in Bullish Falling Channels but after that whole day trading with mixed Patterns formations with last hours high volatility also therefore one sided intraday patterns formations will not be understood. As Indian markets under performed all day Global markets despite whole day positive zone trading therefore view will not be Bullish despite Green closing last Friday.
Nifty is trading between 8715-8822 for the last 5 sessions and traded near the higher levels of this range last Friday but no clear patterns formations therefore Nifty has to prepare for next trend within and near about this range which will be done in the beginning of next week and finally sustaining beyond this range will confirm next trend.