Rally continuation expectations after follow up consolidation
Intra Day Chart Analysis & Market Outlook
(12-01-2018)
Nifty-Intra Day Chart (11-Jan-2018):-
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1- Consolidation between 10613-10624
2- Up moves with follow up consolidation
3- Mixed Patterns formation between 10648-10664
4- Whole day actual trading between 10613-10664
Conclusions from intra day chart analysis
Although Short Term correction was expected but as soon as consolidation developed then we cautioned at 10:45 AM in "Mid-session Outlook(11-01-2018)" and after that whole day up moves were seen after follow up consolidation.
As Mixed Patterns formations at higher levels after lower levels good consolidation therefore firstly follow up consolidation is required within or near about today trading range and then finally rally continuation will be expected. Short Term indicators have turned overbought therefore view will be cautious but until complete selling will not develop and Nifty will not sustain below today lowest till then decisive down moves will not be seen.