Rally continuation expectations
Intra Day Chart Analysis & Market Outlook
(16-10-2017)
Nifty-Intra Day Chart (13-Oct-2017):-
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1- Consolidation between 10140-10171
2- Last more than 2 houts trading with mixed Patterns formation between 10161-10191
3- Whole day actual trading between 10125-10191
Conclusions from intra day chart analysis
Following lines were told on 12-10-2017 in "Rally continuation towards next strong resistances":-
on going rally continuation is expected towards next strong resistances(10140-10171) in the coming sessions.
Strong resistances were told between 10140-10171 and firstly Nifty consolidated 4 hours within this range last Friday before new life time high formations. As last more than 2 houts trading with mixed Patterns formation between 10161-10191 and closing also within it after last 45 minutes slipping from higher levels therefore Nifty has to consolidate within and near about this range for decisive up moves above life time high(10191.90).
As first 4 hours good consolidation last Friday therefore on going rally continuation is expected in the beginning of next week but follow up consolidation is must for sustaining above 10191.90.