Rally continuation confirmations required through sustaining above 8757
Intra Day Chart Analysis & Market Outlook
Nifty-Intra Day Chart (02-Feb-2017):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channels
2- Slow up moves with intraday corrections
3- Sharp down in last half hour
4- Whole day actual trading between 8686-8757
Conclusions from intra day chart analysis
Although firstly lower levels consolidation through Down moves in Bullish Falling Channels after weaker opening but last 3 hours slow up moves with intraday corrections therefore not sustaining at higher levels because some selling can not be ruled out through slow up moves.
Positive closing above 8700 today but some intraday selling also therefore follow up consolidation is firstly required for decisive up moves above today highest(8757) which will be done within and near about today trading range.
Rally is on and no confirmation of its completion yet therefore its continuation is still expected after follow up consolidation but sustaining above 8757 should also be watched for confirmations.