Finally Rally continuation after Minor Correction
Intra Day Chart Analysis & Market Outlook
(07-03-2017)
Nifty-Intra Day Chart (06-Mar-2017):-
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| Just click on chart for its enlarged view |
1- Sharp up after gap up opening
2- Consolidation Patterns formations between 8931-8968
3- Whole day actual trading between 8914-8968
Conclusions from intra day chart analysis
Firstly sharp up after gap up opening and after that more than 6 hours consolidation Patterns formations between 8931-8968 therefore on going rally continuation is expected. As Very Short Term indicators have turned overbought and Nifty has to consolidate between 8931-8992 which will be firstly done in the coming sessions therefore minor intraday corrections also can not be ruled out within this range and until Nifty will not sustain below 8881 after complete follow up selling till then any decisive down moves will not be seen.