Firstly watch crucial supports for the life of on going correction
Intra Day Chart Analysis & Market Outlook
(10-04-2017)
Nifty-Intra Day Chart (07-Apr-2017):- |
| Just click on chart for its enlarged view |
1- Selling between 9226-9250
2- Down moves in last hour
3- Whole day actual trading between 9189-9250
Conclusions from intra day chart analysis
Very Short Term correction expectations were updated in all the previous 3 outlooks and it was seen also after follow up selling last Friday. Following lines were told on 06-04-2017 in "Firstly watch next supports for today started correction continuation/completion":-
1- view will not be Bullish.
2- follow up selling tomorrow will mean slipping towards next supports(9193-9210) which has turned most crucial because its valid break down will mean entering into previous 14 sessions trading range(9020-9191)
Nifty slipped below above mentioned most crucial next supports(9193-9210) but closed within it at 9198.30 last Friday therefore it is still intact. As no signal of on going correction completion yet therefore firstly sustaining beyond mentioned crucial supports should be watched in the beginning of next week for the life of on going correction.
As almost 5 hours intraday selling between 9226-9250 and it will be sufficiently strong resistance therefore follow up selling tomorrow will result correction continuation within previous 14 sessions trading range(9020-9191) and until Nifty will not sustain above 99250 after complete consolidation till then decisive up moves will not be seen.