Firstly watch next supports for today started correction continuation/completion
Nifty-Intra Day Chart (Apr 05 & Apr 06,2017):- |
| Just click on chart for its enlarged view |
1- Whole day up moves in Bearish Rising Channel on 05-04-2017
2- Selling between 9234-9245 on 06-04-2017
3- Support between 9220-9230 on 06-04-2017
4- Up moves with seling patterns in last hour
5- 2 Sessions actual trading between 9220-9274
Conclusions from 2 Sessions intra day chart analysis
As whole day up moves in Bearish Rising Channel on 05-04-2017 therefore weak opening today and selling also between 9234-9245 in first hour today. Some supports are seen at lower levels of the day today but last up moves were with selling patterns in last hours therefore view will not be Bullish.
Very Short Term correction expectations was updated in both previous Outlooks and it was seen today after intraday selling patterns in both previous sessions. As some intraday support was seen between 9220-9230 today therefore firstly its valid break down should be watched tomorrow for today started correction continuation/completion.
As sufficient selling was seen in both previous sessions therefore once 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) and correction continuation possibility within this range.
Firstly watch above mentioned following next supports for today started correction continuation/completion:-
1- 9220-9230
2- 9193-9210