Correction continuation towards next supports 

Intra Day Chart Analysis & Market Outlook

(13-04-2017)

Nifty-Intra Day Chart (12-Apr-2017):-

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Technical Patterns and Formations in today intraday charts

1- Sharp down after 20 minutes positive zone trading
2- Selling patterns formation between 9184-9191
3- Selling patterns formation between 9212-9226
4- Whole day actual trading between 9162-9246

Conclusions from intra day chart analysis 

Although most Asian markets were weak today morning but Indian markets out performed and opened positive and traded also 20 minutes in Green. As selling at higher levels in previous sessions therefore sharply down 80 points in only 30 minutes. Sufficiently good selling was also seen in last 5 hours today therefore correction continuation is expected below today lowest(9162) and towards following next supports:-

1- 9148-9166
2- 9110-9124
3- 9025-9040

Firstly Watch levels for the life of on going correction

Intra Day Chart Analysis & Market Outlook

(12-04-2017)

Nifty-Intra Day Chart (11-Apr-2017):-

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Technical Patterns and Formations in today intraday charts

1- Strong recovery from lower levels 
2- Mixed Patterns between 9217-9242 
3- Whole day actual trading between 9173-9242

Conclusions from intra day chart analysis 

Although all the Asian markets were trading weak but Indian markets out performed and opened flat as well as strongly recovered from lower levels. As last more than 5 hours trading with Mixed Patterns formations between 9217-9242 which was within next resistances between 9226-9250 therefore valid break out of 9217-9250 should be firstly watched tomorrow for strong signal of correction completion above 9250 and correction continuation below 9217.

Correction Continuation towards next supports

Intra Day Chart Analysis & Market Outlook

(11-04-2017)

Nifty-Intra Day Chart (10-Apr-2017):-

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Technical Patterns and Formations in today intraday charts

1- Previous closing at 9198.30
2- Only up and down moves without any specific position formations
3- Whole day actual trading between 9175-9225

Conclusions from intra day chart analysis 

As only up and down moves above and below previous closing without any specific position formations therefore no view can be formed only from today intraday trading patterns formations and conclusions will be drawn from other following studies:-

1- 14 Sessions trading range(9020-9191) was broken out on 03-04-2017.
2- Immediate supports range just above 14 sessions trading range were between 9193-9210.
3- Nifty slipped below immediate supports range but closed within it at 9198.30 last Friday.
4- Nifty closed below immediate supports range within 14 Sessions trading range at 9181.45 today.

As Nifty could not sustain above 14 sessions trading range and closed within it today therefore its break out on 03-04-2017 will be understood a false signal and now Nifty will be understood sideways between 9020-9274. 

Correction were told in all the previous 4 outlooks and it is being seen. Let complete consolidation develop then on going correction completion will be considered and till then its continuation can not be ruled out towards following next supports within 14 sessions trading range:-

1- 9148-9166
2- 9110-9124
3- 9025-9040

Firstly watch  crucial supports for the life of on going correction

Intra Day Chart Analysis & Market Outlook

(10-04-2017)

Nifty-Intra Day Chart (07-Apr-2017):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 9226-9250
2- Down moves in last hour
3- Whole day actual trading between 9189-9250

Conclusions from intra day chart analysis 

Very Short Term correction expectations were updated in all the previous 3 outlooks and it was seen also after follow up selling last Friday. Following lines were told on 06-04-2017 in "Firstly watch next supports for today started correction continuation/completion":-

1- view will not be Bullish.
2- follow up selling tomorrow will mean slipping towards next supports(9193-9210) which has turned most crucial because its valid break down will mean entering into  previous 14 sessions trading range(9020-9191)

Nifty slipped below above mentioned  most crucial next supports(9193-9210) but closed within it at 9198.30 last Friday therefore it is still intact. As no signal of on going correction completion yet therefore firstly sustaining beyond mentioned crucial supports should be watched in the beginning of next week for the life of on going correction. 

As almost 5 hours intraday selling between 9226-9250 and it will be sufficiently strong resistance therefore follow up selling tomorrow will result correction continuation within  previous 14 sessions trading range(9020-9191) and until Nifty will not sustain above 99250 after complete consolidation till then decisive up moves will not be seen.