Short Term Correction Expectations

Intra Day Chart Analysis & Market Outlook

(05-05-2017)

Nifty-Intra Day Chart (04-May-2017):-

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Technical Patterns and Formations in today intraday charts

1- Selling patterns formations between 9337-9356
2- Up moves in Bearish Rising Channel
3- Selling patterns formations between 9353-9365
4- Whole day actual trading between 9324-9365

Conclusions from intra day chart analysis 

Although today closing at life time highest level but today intraday charts are showing selling patterns formations therefore Short Term Correction is expected which may begin either tomorrow or in the beginning of next week.

Intra Day Chart Analysis & Market 

Outlook(04-05-2017)

Nifty-Intra Day Chart (03-May-2017):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- More than 5 hours sideways trading with Mixed Patterns formations between 9299-9332
3- Whole day actual trading between 9299-9337

Conclusions from intra day chart analysis 

As today intraday charts showed some indications of consolidation immediately after opening therefore told following line at 09:57 AM today in "Post-open Outlook(03-05-2017)":-

view will be watchful and firstly valid break out of yesterday trading range(9270-9352) should be watched for next decisive moves confirmations.

As firstly down moves in Bullish Falling Channel and after that whole day trading with Mixed Patterns formations therefore same above levels watching view which was updated today morning because one sided intraday patterns formations were not seen today. 

Post-open Outlook(03-05-2017)

Although Nifty(May Fut) moved into negative zone after slipping from higher levels but today intraday charts are showing some indications of consolidation also therefore view will be watchful and firstly valid break out of yesterday trading range(9270-9352) should be watched for next decisive moves confirmations.

Correction Continuation Expectations towards next Supports

Intra Day Chart Analysis & Market Outlook

(03-05-2017)

Nifty-Intra Day Chart (02-May-2017):-

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Technical Patterns and Formations in today intraday charts

1- 48 Points Pull Back Rally in first hour
2- Selling between 9335-9352
3- 82 points sharp down in 1 hour
4- Last 4 hours up moves in Bearish Rising Channels
5- Whole day actual trading between 9270-9352

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Finally slipping after a Pull Back Rally":-

1- Pull Back rally can not be ruled out tomorrow which will not sustain 
2- finally Nifty will slip below day's lowest(9283) in the next 1/2 sessions 

As was told yesterday 100% same happened today and firstly 48 Points Pull Back Rally was seen which could not sustain and Nifty slipped below 9283 towards 9269.90 within first 2 hours today.

Although last 4 hours up moves and  positive closing also today but those up moves were in Bearish Rising Channels therefore view will not be Bullish. As sufficient selling patterns formations today therefore correction continuation is expected towards next supports between 9253-9263. 

Finally slipping after a Pull Back Rally 

Intra Day Chart Analysis & Market Outlook

(02-05-2017)

Nifty-Intra Day Chart (28-Apr-2017):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 9295-9314
2- Up moves in Bearish Rising Channel
3- Last 2 hours trading with Mixed Patterns formations between 9298-9318 
4- Whole day actual trading between 9283-9318

Conclusions from intra day chart analysis 

Although sufficiently good intraday selling patterns formations last Friday but Mixed Patterns formations were also seen between 9298-9318 in last 2 hours therefore a Pull Back rally can not be ruled out tomorrow which will not sustain and finally Nifty will slip below day's lowest(9283) in the next 1/2 sessions.