Rally continuation towards next gap resistance
Nifty-Intra Day Chart Analysis &
Market Outlook(16-04-2021)
Nifty-Intra Day Chart (15-Apr-2021):-
Technical Patterns formation in today intraday charts
1- 100 Points sharp fall in 7 minutes after positive opening
2- Down moves in Bullish Falling Channels
3- Consolidation between 14406-14457(immediate supports)
4- Bullish Falling Wedge pattern formations
5- Strong up moves in last hour
6- Whole day actual trading between 14354-14597
Conclusions from intra day chart analysis
Following lines were told at 02:26 AM on 13-04-2021 in "Level will confirm next big moves":-
"Sustaining above 14360 will confirm a
Pull Back rally towards next resistances"
Although sentiment was too much depressed due to more than 2 Lac cases of Corona in India but positive opening and firstly traded also 15 minutes in Green zone with moderate gains but 100 Points sharp fall in 7 minutes was also seen after that.
As consolidation developed firstly through Down moves in Bullish Falling Channels and after that between 14406-14457 as well as Bullish Falling Wedge pattern formations therefore strong up were seen moves in last hour. Until Nifty will not sustain below 14406 after complete selling till then decisive down moves will not be seen because lower levels good consolidation today and rally will remain continued towards next gap resistances between 14653-14785.