Finally rally above 11811 after follow up consolidation
Intra Day Chart Analysis & Market Outlook
(26-04-2019)
Nifty-Intra Day Chart (25-Apr-2019):- |
| Just click on chart for its enlarged view |
1- More than 5 hours selling between 11712-11796
2- Sharp fall
3- Whole day actual trading between 11625-11796
Conclusions from intra day chart analysis
Following lines were told yesterday in "Finally rally continuation after few sessions follow up consolidation":-
1- market has to cool down through sideways trading near about today highest and that will be firstly done tomorrow.
2- Nifty will firstly trade and prepare for next decisive moves between 11611-11811
As was told yesterday,100% same happened today and firstly Nifty traded sideways more that 5 hours near about yesterday highest levels as well traded today whole within yesterday mentioned trading range(11611-11811).
Last 18 sessions trading between 11550-11811 with sharp rally after lower levels consolidation yesterday and Sharp fall after higher levels selling today therefore following next strong resistances and supports of Nifty has developed:-
1- Supports between 11550-11611
2- Resistances between 11712-11811
In fact Indian markets are preparing for post Election results next decisive moves within 11550-11811 and it will take its own time but expected that finally rally above 11811 will remain continued after follow up consolidation in the coming sessions.