Follow up consolidation tomorrow
will mean new life time highest
formation and rally above 16000
Nifty-Intra Day Chart Analysis &
Market Outlook(03-08-2021)
Nifty-Intra Day Chart (02-Aug-2021):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel
2- Up moves with downward corrections
3- Slow up moves
4- Sharp downward corrections
5- Whole day actual trading between 15835-15892
Conclusions from intra day chart analysis
As firstly consolidation through Down moves in Bullish Falling Channel and Up moves with downward corrections after strong opening therefore after that up moves seen.
Following next resistances were updated on 31-07-2021 in " Last 43 sessions trading range break out/down will generate next big moves":-
1- 15854-15890
2- 15921-15962
Nifty traded almost whole day within 1st resistance range between 15854-15890. As Mid-session up moves were slow therefore sharp downward corrections were also seen and Nifty got supports also below 15854 below last hour sharp up.
Consolidation patterns were seen within resistance range today and follow up consolidation tomorrow will mean high possibility of new life time highest formation and rally above 16000 in this week.