Finally rally continuation amid Very Short Term correction expectations
Intra Day Chart Analysis & Market Outlook
(05-04-2017)
Nifty-Intra Day Chart (03-Apr-2017):-
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| Just click on chart for its enlarged view |
1- More than 2 hours consolidation between 9193-9210
2- Last hours up moves with intraday corrections and consolidation
3- Whole day actual trading between 9193-9245
Conclusions from intra day chart analysis
As selling in last hours on 31-03-2017 and Short Term Indicators have turned over bought therefore firstly Very Short Term correction was expected last Monday but gap up opening was seen last Monday because some Asian markets were trading strong and heavy weight Reliance Industries opened more than 2% up.
Firstly more than 2 hours consolidation was seen after slipping below 9200 because last hours selling was seen between 9177-9191 on 31-03-2017. As last hours up moves with intraday corrections and consolidation last Monday therefore finally rally continuation is expected because previous 14 sessions trading range(9020-9191) also broken out. It should be kept in mind that Short Term Indicators have turned over bought and Very Short Term correction may be seen any day after some intraday selling which will be good for the strength of on going rally.