Rally continuation amid only Short Term correction possibility
Nifty-Intra Day Chart Analysis &
Market Outlook(04-08-2021)
Nifty-Intra Day Chart (03-Aug-2021):-
Technical Patterns formation in today intraday charts
1- Whole day up moves with small intraday corrections
2- Whole day actual trading between 15915-16146
Conclusions from intra day chart analysis
As good intraday correction was seen within 2nd last resistance was seen yesterday therefore following line was told yesterday in "Follow up consolidation tomorrow will mean new life time highest formation and rally above 16000":-
high possibility of new life time highest formation and rally above 16000 in this week
As was told yesterday 100% same happened today and:-
1- Strong rally with 1.55% gains was seen today.
2- New life time highest above 15962.30 was formed today.
3- Rally was seen above 16000 with today highest at 16146.9.
As last 44 Sessions trading range has been forcefully broken out and no intraday selling patterns formations today therefore rally will remain continued but Short Term indicators have been Overbought hence only Short Term correction may be seen any day.