Pull Back Rally possibility
Intra Day Chart Analysis & Market Outlook
(25-05-2017)
Nifty-Intra Day Chart (24-May-2017):-
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| Just click on chart for its enlarged view |
1- Whole day Down moves in Bullish Falling Channels
2- Whole day actual trading between 9342-9432
Conclusions from intra day chart analysis
As Pakistan air Force activity on Siachen border today morning and Pakistan jets flied also near Siachen border therefore whole day slipping from higher levels after positive opening. All the Down moves were in Bullish Falling Channels therefore view will not be Bearish despite today closing near the lower levels of the day.
Although today closing was below all the immediate supports but were due to above mentioned negative news led and consolidation patterns were also seen today therefore a Pull Back Rally may be seen any day in this week. Certainly Short Term Correction is on and no confirmation of its completion yet but sustaining beyond today lowest(9360.55) should be watched in the coming sessions after last 2 sessions negative news led trading.