Finally rally continuation after follow up consolidation
Intra Day Chart Analysis & Market Outlook
(15-03-2017)
Nifty-Intra Day Chart (14-Mar-2017):- |
| Just click on chart for its enlarged view |
1- Consolidation Patterns between 9061-9100
2- Whole day actual trading between 9061-9122
Conclusions from intra day chart analysis
Following lines were told yesterday in "Finally rally continuation above 9150 after higher levels follow up consolidation "
1- 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
2- As high possibility of rates hike by FOMC on 15th March therefore very Short Term Correction is also possible
3- expected that finally rally will remain continued above 9150 after higher levels follow up consolidation between 8995-9150.
As was told 100% same happened and Nifty traded whole day within mentioned trading range(8995-9150) with new life time high formation at 9122.75 today.
Although good intraday consolidation with 1.71% gains today but high possibility of rates hike by FOMC on 15th March therefore very Short Term Correction and high volatility are also possible in the next 2 sessions but expected that finally rally will remain continued above 9150 after higher levels follow up consolidation between 8995-9150 because:-
1- 13 Sessions trading range(8860-8993) broken out forcefully today.
2- Intraday consolidation patterns formations above 13 sessions trading range today.