Still Rally continuation Expectations
Intra Day Chart Analysis & Market Outlook
(16-02-2017)
Nifty-Intra Day Chart (15-Feb-2017):-
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channels
2- Consolidation Patterns formations in last 4 hours between 8713-8752
3- Whole day actual trading between 8713-8807
Conclusions from intra day chart analysis
Although 0.77% negative closing after slipping from higher levels but firstly Down moves in Bullish Falling Channels and after that last 4 hours consolidation Patterns formations therefore it will be understood that Indian markets in consolidation process and preparing for decisive up moves.
Previous 7 sessions sideways trading was between 8715-8826 and Nifty slipped below it to 8713 today but closed above it with whole day intraday consolidation therefore still rally continuation is expected above 8826 in the coming 3/4 sessions.