Remain cautious after overbought Short Term indicators
Intra Day Chart Analysis & Market Outlook
(18-10-2019)
Nifty-Intra Day Chart (17-Oct-2019):- |
| Just click on chart for its enlarged view |
1- More than 3 hours consolidation between 11450-11482
2- Last 3 hours up moves with intraday corrections
3- Whole day actual trading between 11450-11599
Conclusions from intra day chart analysis
As selling between 11446-11466 yesterday therefore Firstly 3 hours fresh consolidation between 11450-11482 and after that last 3 hours up moves with intraday corrections as well as selling patterns were not seen therefore on going rally continuation will be considered.
Last resistances of post Nirmala Sitaraman Press conference rally are between 11590-11660 and sustaining above 11660 after follow up consolidation will confirm rally towards 12000. As Short Term indicators have also turned overbought and Short Term correction may be seen any day therefore remain cautious also.