Rally continuation towards next resistances
Nifty-Intra Day Chart Analysis &
Market Outlook(07-05-2021)
Nifty-Intra Day Chart (06-May-2021):-
Technical Patterns formation in today intraday charts
1- Volatility in first hour
2- Consolidation between 14612-14648
3- Up moves with downward corrections
4- Consolidation between 14674-14707
5- Up moves in last hour
6- Whole day actual trading between 14612-14743
Conclusions from intra day chart analysis
As most Asian markets were trading strong therefore positive opening but slipped and only volatility in first hour. Firstly lower levels consolidation and after that up moves with downward corrections as well as follow up consolidation in Mid-sessions therefore up moves in last hour and closing near higher levels of the day.
Next resistances above today highest are between 14789-14855 and rally continuation towards it will be seen because only consolidation and selling patterns were not seen today.