Finally rally continuation above 9150 after higher levels follow up consolidation
Intra Day Chart Analysis & Market Outlook
(14-03-2017)
Nifty-Intra Day Chart (10-Mar-2017):- |
| Just click on chart for its enlarged view |
1- More than 6 hours trading with consolidation Patterns between 8904-8955
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 8904-8975
Conclusions from intra day chart analysis
Although most Asian markets were trading flat to weak but Indian markets opened strong last Friday which was first signal of strength. As firstly Down moves in Bullish Falling Channel and after that more than 6 hours trading with consolidation Patterns formations therefore emergence of rally continuation expectations.
Following lines were told in previous Outlook on 09-03-2017 in "Rally continuation above 9000":-
Last 12 sessions sideways trading between 8860-8993 with good consolidation patterns formations and follow up consolidation was seen today also therefore high possibilities of rally above 9000 in the coming sessions.
As huge victory of BJP in Assembly Elections on 11th March therefore SGX Nifty is trading 225 points up at 9180 today which means that Nifty will open above 9000 after gap up opening and new life time high formation above 9119.20 also can not be ruled out tomorrow. We told for rally continuation more than 10 times and 4 times above 9000 in last 1 month which will be seen tomorrow but follow up consolidation is firstly required because more than 34 lac Call options position formations last Friday. As high possibility of rates hike by FOMC on 15th March therefore very Short Term Correction is also possible but expected that finally rally will remain continued above 9150 after higher levels follow up consolidation between 8995-9150.