Levels will confirm fresh rally above 12000
Intra Day Chart Analysis & Market Outlook
(29-05-2019)
Nifty-Intra Day Chart (28-May-2019):- |
| Just click on chart for its enlarged view |
1- Whole day Down moves in Bullish Falling Channel
2- Sharp up in last hour
3- Whole day actual trading between 11865-11958
Conclusions from intra day chart analysis
Following lines were told yesterday in "Finally rally continuation after minor correction and sideways consolidation":-
As Very Short Term indicators have turned over bought therefore minor correction and consolidation is also required which may be sideways also but expected that finally rally will remain continued after follow up consolidation.
As was told 100% same happened and Nifty closed flat after minor intraday correction but Whole day Down moves were in Bullish Falling Channel therefore consolidation developed and resultant Sharp up were seen in last hour.
Nifty traded more than 4 hours between 11913-11957 and consolidated as well as closed within this range today therefore follow up consolidation tomorrow will mean fresh rally beginning towards and above 12000 and only sustaining above 11957 should be watched for its beginning.