Next big moves confirmations from levels amid more weakness possibilities
Intra Day Chart Analysis & Market Outlook
(02-02-2018)
Nifty-Intra Day Chart (01-Feb-2018):-
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| Just click on chart for its enlarged view |
1- Selling between 11077-11117
2- Budget announcements led high volatility
3- Whole day actual trading between 10879-11117
Conclusions from intra day chart analysis
Following views were updated in all the previous Outlooks of this Budget week:-
1- Very Short Term correction possibilities.
2- Limited rally only towards 11172 and 11413.85
As selling between 10044-11172 on 29-01-2018 and follow up selling below it between 11077-11117 today therefore emergence of Short Term correction beginning possibility and until Nifty will not sustain above 11172 after complete follow up consolidation till then decisive up moves will not seen because these 2 trading ranges are immediate resistances of Nifty.
Following lines were told on 28-01-2018 in "11413.85 will confirm Rally continuation or 5 Waves Correction after Budget":-
As Union Budget on 1st Feb 2018 and its announcements will form next decisive moves but firstly sustaining beyond 11413.85 should be watched in the coming weeks after Budget because 11413.85 is most crucial. As per Elliott Wave theory if Nifty sustains above it then Waves structure from 27-10-2008 will be recounted and sustaining below it will mean 5 waves correction of whole rally from 2252.75 to any highest below 11413.85.
Let complete selling patterns develop on EOD charts and correction beginning confirmation come then lower levels will be updated after rally top formation confirmations.
Last 8 sessions trading between 10879-11172 with lower top and lower bottom formation in last 4 sessions of this Budget week are suggesting more weakness possibilities and firstly sustaining beyond 10985-11172 should be watched for next big moves confirmations.