Rally after sideways consolidation
Intra Day Chart Analysis & Market Outlook
(17-07-2019)
Nifty-Intra Day Chart (16-Jul-2019):- |
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1- Down moves in Bullish Falling Channel
2- Sharp up
3- More than 4 hours consolidation between 11612-11639
4- Last hour trading with Mixed Patterns formation between 11645-11670
5- Whole day actual trading between 11574-11670
Conclusions from intra day chart analysis
Following lines were told yesterday in "11639 Will confirm fresh and decisive up moves":-
if fresh consolidation develops tomorrrow also then finally fresh and decisive up moves will be seen and its confirmation will be after sustaining above 11639.
As firstly consolidation through Down moves in Bullish Falling Channel and after that more than 4 hours consolidation between 11612-11639 as well as 6 hours sustaining above "Modi ji's Victory gap" highest(11591) therefore strong indications of rally continuation above today highest((11670).
Following resistances were updated on 13-07-2019 in ""Modi ji's Victory gap"(11426-11591) will confirm next Trend ":-
1- 11607-11638
2- 11676-11702
3- 11798-11879
4- 11912-11981
Although today closing was near higher levels of the day but last hour trading was with Mixed Patterns formation between 11645-11670 and next resistances is just above today highest is between 11676-11702 as well as Very Short Term Indicators have also turned over bought therefore tomorrow will be sideways consolidation day which is expected between 11639-11702.
Once follow up consolidation and sustaining above 11702 will mean sharp rally towards next resistance(11798) and above.