Firstly watch next supports for on going correction continuation/completion
Intra Day Chart Analysis & Market Outlook
(01-03-2017)
Nifty-Intra Day Chart (28-Feb-2017):-
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1- Down moves in Bullish Falling Channel
2- Selling patterns formation between 8888-8897
3- Whole day actual trading between 8868-8914
Conclusions from intra day chart analysis
Although firstly down moves but selling patterns formation between 8888-8897 were also seen therefore today trading will be understood with mixed Patterns formations and Nifty will remain sideways between following supports and resistances:-
1- Supports between 8864-8876
2- Supports between 8812-8834
3- Supports between 8717-8750(strong supports)
1- Resistance between 8918-8927
2- Resistance between 8941-8950
3- Resistance between 8967-8981
As one sided technical position formations was not seen today therefore Nifty will have to traded and prepare for next decisive moves within above mentioned supports and resistances. Correction is on and no confirmation of its completion yet therefore some more down moves can not be ruled out but next supports are lying between 8864-8876 and firstly sustaining it beyond should be watched for on going correction continuation/completion.