Correction Continuation Expectations towards next Supports
Intra Day Chart Analysis & Market Outlook
(03-05-2017)
Nifty-Intra Day Chart (02-May-2017):-
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| Just click on chart for its enlarged view |
1- 48 Points Pull Back Rally in first hour
2- Selling between 9335-9352
3- 82 points sharp down in 1 hour
4- Last 4 hours up moves in Bearish Rising Channels
5- Whole day actual trading between 9270-9352
Conclusions from intra day chart analysis
Following lines were told yesterday in "Finally slipping after a Pull Back Rally":-
1- Pull Back rally can not be ruled out tomorrow which will not sustain
2- finally Nifty will slip below day's lowest(9283) in the next 1/2 sessions
As was told yesterday 100% same happened today and firstly 48 Points Pull Back Rally was seen which could not sustain and Nifty slipped below 9283 towards 9269.90 within first 2 hours today.
Although last 4 hours up moves and positive closing also today but those up moves were in Bearish Rising Channels therefore view will not be Bullish. As sufficient selling patterns formations today therefore correction continuation is expected towards next supports between 9253-9263.