Rally towards 12000 after follow up consolidation
Intra Day Chart Analysis & Market Outlook
(03-07-2019)
Nifty-Intra Day Chart (02-Jul-2019):- |
| Just click on chart for its enlarged view |
1- Minor selling after positive opening
2- Consolidation between 11815-11844(Immediate Supports)
3- Up moves with intraday corrections
4- Last half hour quiet trading at higher levels.
5- Whole day actual trading between 11815-11917
Conclusions from intra day chart analysis
Following lines were told yesterday in "Rally continuation after fresh consolidation":-
1- some more consolidation is required within and near about today trading range for sustaining above today highest.
2- Nifty will firstly trade and prepare for next decisive up moves within today trading range
3- finally rally will remain continued after fresh consolidation
As was told 100% same happened and firstly Nifty consolidated within and near about yesterday trading range as well as finally strong recovery was seen from lower levels.
Following 3 resistances of Nifty were updated on 29-06-2019 in "Rally above 12103 and towards 13870.95 after Budget-2019":-
1- 11842-11934
2- 11968-12000
3- 12045-12097
As firstly lower levels consolidation and after that up moves with intraday corrections therefore rally continuation is expected but follow up consolidation is firstky required near about today higher levels because last half hour quiet trading was at higher levels and resistances are lying upto 11934.
Expected that finaly rally will remain continued towards 12000 but follow up consolidation is must because next resistances are lying between 11968-12000.