Signal of Pull Back Rally continuation
Intra Day Chart Analysis & Market Outlook
(09-08-2019)
Nifty-Intra Day Chart (08-Aug-2019):- |
| Just click on chart for its enlarged view |
1- Consolidation between 10922-11058
2- Sharp up moves in last hour
3- Whole day actual trading between 10843-11058
Conclusions from intra day chart analysis
As good selling yesterday therefore we were expecting correction continuation and Nifty slipped also in first hour but signal of consolidation therefore we told following lines today at 10:16 AM in "Firstly watch 10843 for fresh down moves beginning":-
1- First 40 minutes Down moves of today were In Bullish Falling channel and it is first signal of consolidation
2- firstly sustaining below today lowest(10843) should be watched for fresh down moves beginning confirmations
3- Nifty got supports below it between 10784-10826 on 05-08-2019 also
As 5 hours fresh consolidation between 10922-11058 therefore sharp up moves were seen in last hour and Nifty closed at 5 sessions highest therefore it is a signal of Pull Back Rally continuation towards Long Term Trend decider 200-Day SMA(today at 11162)