Rally continuation after 1/2 sessions follow up consolidation
Intra Day Chart Analysis & Market Outlook
(22-05-2019)
Nifty-Intra Day Chart (21-May-2019):- |
| Just click on chart for its enlarged view |
1- More than 3 hours sideways trading with Mixed Patterns formation between 11815-11883
2- All the Down moves in Bullish Falling Channels
3- Whole day actual trading between 11683-11883
Conclusions from intra day chart analysis
As strong possibility of BJP victory emerged after Exit Polls declaration on 19-05-2019 therefore strong 3.69% rally was seen on 20-05-2019. Resultant Very Short Term indicators have turned overbought and sentiment was heated therefore following lines were told yesterday in "Finally rally above life time highest":-
"only a Very Short Term correction is expected which may be sideways also"
Although 200 points slipping from higher levels and today closing at lower levels of the day but view will not be Bearish because:-
1- Firstly more than 3 hours sideways trading with Mixed Patterns formation and genuine selling patterns were not seen.
2- All the last hour Down moves were in Bullish Falling Channels.
As consolidation patterns formations also today therefore same view of rally continuation after 1/2 sessions follow up consolidation.