Huge correction beginning expectations in next week
Intra Day Chart Analysis & Market Outlook
(13-04-2018)
Nifty-Intra Day Chart (12-Apr-2018):-
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| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel
2- Mixed Patterns formation between 10442-10469
3- Whole day actual trading between 10396-10469
Nifty IT-Intra Day Chart (12-Apr-2018):-
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1- 220 Points(1.72%) sharp up in first 15 minutes
2- 409 Points(3.21%) rally till closing
Conclusions from intra day chart analysis
Although Nifty opened weak and traded first 15 minutes in negative zone also but first 45 minutes up moves were in Bearish Rising Channel and last more than 2 hours trading was with Mixed Patterns formation therefore view will not be Bullish because:-
1- Whole day today up moves were on the back of Infosys quarterly reaults(will be declared on 13-04-2018) driven sharp 3.21% rally of Nifty IT
2- Intraday charts of previous trading sessions are showing selling patterns also.
As Nifty traded last more than 2 hours within next resistance range(10446-10478) with Mixed Patterns formation therefore firstly Nifty has to trade and prepare for next trend within and near about this range.
As Short Term indicators are overbought and 23-03-2018 started Pull Back rally is demanding its correction after gaining 514 points in 12 sessions therefore huge correction beginning is expected in next week because intraday charts of previous 4 sessions are showing selling Patterns formations also.
Expected that finally Nifty will slip below the lowest(9951.90) of on going correction because on going rally is only a Pull Back rally which will fuse below the top of previous rally and has to slip below its origin point.