9400 will confirm fresh Rally
Intra Day Chart Analysis & Market Outlook
(24-05-2017)
Nifty-Intra Day Chart (23-May-2017):-
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| Just click on chart for its enlarged view |
1- Slipping after positive opening
2- Consolidation patterns formation between 9370-9400
3- Volatility in last 3 hours
4- Whole day actual trading between 9370-9448
Conclusions from intra day chart analysis
As news of Indian Army attacks on Pakistani bunkers along LoC in Kashmir's Nowshera sector was in the pipe line therefore following reaction on Indian financial markets today morning:-
1- Indian Rupee weakened against USD($) by 28 Paise within first 32 minutes.
2- Nifty weakened by 64 points within first 40 minutes.
Although today closing was near the lower levels of the day but consolidation patterns formation between 9370-9400 there view will not be Bearish and until Nifty will not sustain below 9370 till then decisive down moves will not be seen.
Last supports between 9373-9387 was updated yesterday in "Up moves expectations towards next resistances" and Nifty closed within this range at 9386.15 today as well as fresh consolidation was seen within this range today therefore expectations of fresh rally above 9400 are alive but sustaining it above should also be firstly watched for its continuation confirmations because today market and last hours volatility was above mentioned new led and technical positions reverses in such news led volatility also.