Firstly watch levels for next week big moves confirmations
Intra Day Chart Analysis & Market Outlook
(19-02-2018)
Nifty-Intra Day Chart (16-Feb-2018):-
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| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Selling between 10494-10523
3- Bullish Falling Wedge like formations in last hours between 10435-10462
4- Whole day actual trading between 10435-10612
Conclusions from intra day chart analysis
Although closing at lower levels of the day after 0.88% negative closing last Friday but consolidation patterns formations were also seen therefore view will be cautious and firstly valid break out of last 7 Sessions trading range(10399-10637) will be watched for correction cotinuation towards next supports(10277-10372) below 10399 or first storng signal of correction completion above 10612.
As most Global markets were strong but Indian markets weakness last Friday is telling that Indian markets under performed therefore high possibility of correction continuation after fresh selling but precautionally valid break out of 10399-10637 should also be watched in next week for big moves confirmations.