Valid break out crucial levels will decide next trend
Intra Day Chart Analysis & Market Outlook
(15-05-2017)
Nifty-Intra Day Chart (12-May-2017):- |
| Just click on chart for its enlarged view |
1- Whole day Down moves in Bullish Falling Channels
2- Whole day actual trading between 9373-9437
Conclusions from intra day chart analysis
Following lines were told on 11-05-2017 in "Today started correction continuation expectations":-
1- As good intraday consolidation above 9374 yesterday and equally good selling below 9450 today
2- therefore Nifty will firstly slip towards 9374 and prepare for next decisive moves within 8374-9450
As was told 100% same happened and firstly Nifty slipped towards 9374 and recovered after intraday lowest formations at 9372.55 as well as closed within mentioned trading range(8374-9450) at 9400.90 on 12-05-2017.
Whole day good consolidation through Down moves in Bullish Falling Channels on 12-05-2017 therefore up moves are expected towards 9450 next Monday but sustaining above it is must after follow up complete consolidation because good selling was seen below 9450 on 11-05-2017.
Finally same view which was updated on 11-05-2017 that Nifty will prepare for next decisive moves within 8374-9450 as well as valid break out this range will decide next trend which should be watched in the coming sessions because these levels have become crucial now.