Firstly watch levels for correction continuation/completion
Intra Day Chart Analysis & Market Outlook
(28-08-2017)
Nifty-Intra Day Chart (24-Aug-2017):-
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1- Selling patterns formation between 9857-9867
2- Volatility in last 3 hours
3- 8 Times supports at lower levels of the day
4- Whole day actual trading between 9849-9881
Conclusions from intra day chart analysis
Whole day sideways trading within 32 points with some selling but 8 times supports also at lower levels of the day therefore last Friday trading will be understood with Mixed patterns formations. As volatility also in last 3 hours and technical positions reverses also during such volatility therefore valid break out of last Friday trading range should be firstly watched for next decisive moves confirmations.
Certainly correction is on and no confirmation of its completion yet but good consolidation between 9750-9815 in previous week therefore until complete selling will not develop till then Nifty will not sustain below 9750.
Previous 10 sessions trading between 9686-9948 and finally sustaining it beyond will decide the life of on going correction therefore Nifty will trade and prepare for it within this range in the next 2/3 sessions. Let markets prepare then will be undated according to intraday patterns formations and firstly mentioned levels should also be watched in next week for correction continuation/completion.