Rally continuation expectations above 9200 after follow up consolidation
Intra Day Chart Analysis & Market Outlook
(20-03-2017)
Nifty-Intra Day Chart (17-Mar-2017):-
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1- More than 2 hours down moves in Bullish Falling Channel
2- Selling between 9156-9170
3- Whole day actual trading between 9148-9186
Conclusions from intra day chart analysis
Although firstly more than 2 hours down moves in Bullish Falling Channel but after that selling also between 9156-9170 therefore intraday patterns will be understood with mixed Patterns formations between 9148-9186 and its valid break out will be next decisive moves first indication.
As good consolidation was seen between 9130-9140 on 16-03-2017 and it will first support but Indian markets under performed Global markets on that day therefore view will be cautiously Bullish.
Last 2 sessions actual trading between 9130-9186 without one sided intraday patterns formations therefore Nifty has to traded and prepare for next decisive moves within this range which will be done in the beginning of next week and finally sustaining beyond this range should be watched for Short Term correction below 9130 and rally continuation above 9186 despite still expectation of rally continuation above 9200 after follow up consolidation in next week.