Firstly Watch Levels for the life of on going correction
Intra Day Chart Analysis & Market Outlook
(26-09-2017)
Nifty-Intra Day Chart (25-Sep-2017):-
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| Just click on chart for its enlarged view |
1- 45 Points fall in first 2 minutes
2- All the Down moves in Bullish Falling Channels
3- Last hour up moves with intraday correction
4- Whole day actual trading between 9817-9915
Conclusions from intra day chart analysis
Firstly 45 Points fall in first 2 minutes and after that continuous down moves till 02:00 PM but all the Down moves were in Bullish Falling Channels and last hour up moves were also with intraday correction therefore a signal of consolidation process beginning. As such high weakness and Indian markets underperformed most Global markets therefore view will Bullish only after follow up consolidation and without sustaining below today lowest. As Short Term indicators have turned oversold therefore a Pull Back Rally can not be ruled out after some intraday consolidation.
Multiple supports are lying between 9690-9920 and Nifty traded within this range today with some consolidation but until complete follow up consolidation will not develop and Nifty will not sustain above 9920 till then on going correction completion will not be considered.
Expected that Nifty will trade between 9690-9920 in the coming sessions and finally sustaining it beyond will confirm the life of on going correction which should be firsly watched.