Correction continuation after follow up selling
Intra Day Chart Analysis & Market Outlook
Nifty-Intra Day Chart (03-May-2018):-
Just click on chart for its enlarged view
Technical Patterns formation in today intraday charts
1- Selling between 10680-10710
2- Selling between 10690-10708
3- Consolidation between 10648-10669
4- Whole day actual trading between 10648-10712
Conclusions from intra day chart analysis
Although Short Term correction is on but slow and Nifty out performed also all Global markets today therefore follow up selling is firstly required for correction continuation because lower levels consolidation was also seen after higher levels selling.
As selling in last 3 sessions and Intermediate Term indicators are overbought therefore correction continuation is expected but follow up selling is fistly reuqired for sustaining below today lowest.