Firstly watch immediate Supports for the life of today started correction continuation/completion
Intra Day Chart Analysis & Market Outlook
(19-05-2017)
Nifty-Intra Day Chart (18-May-2017):-
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| Just click on chart for its enlarged view |
1- Selling between 9481-9489
2- Down moves in Bullish Falling Channel
3- Selling between 9467-9477
4- Last 2 hours Down moves in Bullish Falling Channel
5- Whole day actual trading between 9418-9489
Conclusions from intra day chart analysis
Following lines were told yesterday in "Very short term correction expectations":-
1- very short term correction is expected tomorrow
2- As following supports are lying therefore until Nifty will not sustain below them after follow up selling till then decisive down moves will not be seen:-
1- 9462-9472
2- 9427-9440
Very short term correction was seen today after gap down opening and Nifty closed within above mentioned 2nd support range at 9429.45. Although some selling but good consolidation also developed through Down moves in Bullish Falling Channels today therefore firstly valid break out of above mentioned immediate support ranges(9427-9472) should be watched for the life of today started correction continuation/completion.