Sharp down moves once after correction beginning confirmations
Intra Day Chart Analysis & Market Outlook
Nifty-Intra Day Chart (24-Apr-2018):-
Just click on chart for its enlarged view
Technical Patterns formation in today intraday charts
1- Selling between 10588-10609
2- Up moves in Bearish Rising Channels
3- Volatility in last hour
4- Whole day actual trading between 10569-10636
Conclusions from intra day chart analysis
Although Green closing today after 67 points recovert from lower levels but view will not be Bullish because:-
1- Firstly selling developed between 10588-10609
2- Mid sessions Up moves were in Bearish Rising Channels and with strong up moves in Dow's Futures also after Positive opening of European markets.
Nifty made the highest at 10637.90 on 15-02-2018 before fomation the lowest at 9951.90 on 23-03-2018 and it will be maximum target of on going Wave-B as well as until Nifty will not sustain above 10637.90 till then possibility of slipping and sustaining below 9951.90 will remain alive.
April month expiry will be seen below 10637.90 but lower levels can not be told with confirmation because previous weeks up moves were not on the base of complete consolidation and were on the back of positive news from quarterly results therefore sharp down moves may be once after correction beginning confirmations.