Sustaining above 14919 will mean sharp up
Nifty-Intra Day Chart Analysis &
Market Outlook(03-03-2021)
Nifty-Intra Day Chart (02-Mar-2021):-
Technical Patterns formation in today intraday charts
1- Up moves in Bearish Rising Channels
2- 160 Points sharp fall
3- Down moves in Bullish Falling Channel
4- Consolidation between 14788-14855
5- Sharp up in last hour
6- Whole day actual trading between 14751-14959
Conclusions from intra day chart analysis
Although firstly Up moves after gap up opening but in Bearish Rising Channels therefore 160 points sharp fall. As these Down moves in Bullish Falling Channel and after that more than 2 hours lower levels consolidation therefore sharp up in last hour.
Resistances between 14856-14919 were updated on 28-02-2021 and consolidation was seen below it today therefore Nifty moved above it but closed at 14919.10 and sustaining above 14919 is must for fresh rally because gap resistances above it are still up to 15065.
As good consolidation between 14788-14855 today therefore until complete selling will not develop till then decisive down moves will not be seen below 14788 and fresh consolidation tomorrow with sustaining above 14919 will mean sharp up towards 15065 which should be firstly watch tomorrow.