Markets are prepared for fresh,strong and powerful rally
Intra Day Chart Analysis & Market Outlook
(17-05-2019)
Nifty-Intra Day Chart (16-May-2019):- |
| Just click on chart for its enlarged view |
1- Consolidation between 11144-11190
2- Intraday correction in last hour
3- Whole day actual trading between 11144-11281
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly watch levels for the life of on going correction":-
firstly sustaining beyond 11109-11286 should be watched in the coming sessions for the life of on going correction
Nifty traded whole day today within above mentioned trading range with good consolidation between 11144-11190. As good consolidation was between 11109-11155 on 14-05-2019 and Nifty consolidated within and above it today therefore supports above 11109 have been strengthened and until complete selling will not develop till then Nifty will not sustain below 11109.
As Indian markets will react in next week on Exit Poll results and Election results therefore volatility may remain high during uncertainity but once sustaining above 11190 will mean fresh rally after ongoing correction completion.
As Indian markets have formed base at lower levels in this week therefore Indian markets are well prepared for fresh,strong and powerful rally which will be seen after Modi ji's confirmation on PM post.