Firstly watch resistances for the life
of on going rally
Nifty-Intra Day Chart Analysis &
Market Outlook(07-10-2020)
Nifty-Intra Day Chart (06-Oct-2020):-
Technical Patterns formation in today intraday charts
1- Sideways trading between 11565-11607
2- Last hour up moves in Bearish Rising Channel
3- Whole day actual trading between 11565-11680
Conclusions from intra day chart analysis
As Dow Jones closed more than 400 points up yesterday therefore all the Asian markets were trading strong today hence resultant strong gap up opening of Indian markets.
Although firstly little more than 5 hours sideways trading between 11565-11607 and any one sided trading patterns were not seen but up moves were seen after that. As last hour up moves were in Bearish Rising Channel therefore some selling will be understood at higher levels despite today closing was near the top of the day.
Previous resistances below and above today highest are as follows:-
1- 11626-11670
2- 11742-11777
Although today closing was at the top of on going rally but clear consolidation patterns were not seen and selling patterns were also seen therefore firstly sustaining beyond above mentioned resistances should be firstly watched in the coming sessions for the life of on going rally.