Next 2 levels will confirm strong rally
Nifty-Intra Day Chart Analysis &
Market Outlook(18-05-2021)
Nifty-Intra Day Chart (17-May-2021):-
Technical Patterns formation in today intraday charts
1- Whole day up moves with downward corrections
2- Whole day actual trading between 14726-14938
Conclusions from intra day chart analysis
As whole day up moves with downward corrections after positive opening and selling patterns were not seen therefore rally continuation will be expected.
Resistances between 14929-14957 were updated in previous Outlook and Nifty closed just below it today. As Very Short term indicators have turned Overbought also after today strong rally therefore firstly Nifty will consolidate for sustaining above 14957.
Let it happen then strong rally will be seen because next resistances(15010-15044) above 14957 are much weaker and sustaining above 15044 will be break out confirmation of last 41 sessions trading range.
As 14957 will create first strong signal of next strong rally and 15010 will confirm it therefore firstly watch sustaining beyond these 2 levels in the coming sessions.