Expectations of sideways correction and consolidation for fresh rally
Intra Day Chart Analysis & Market Outlook
(26-06-2019)
Nifty-Intra Day Chart (25-Jun-2019):- |
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1- Whole day up moves with intraday corrections
2- Whole day actual trading between 11651-11814
Conclusions from intra day chart analysis
Following 4 resistance ranges were updated on 22-06-2019 in "Firstly watch levels amid expectations of Rally continuation above life time highest":-
1- 11759-11809(Tested and closed within it today)
2- 11842-11934
3- 11968-12000
4- 12045-12097
As Global markets weakness today morning therefore firstly down moves after weaker opening but getting support at lower levels and after that whole day up moves with intraday corrections as well as today closing within above mentioned 1st resistance range.
As multiple resistances are above today highest and Very Short Term indicators have also turned over bought after today rally therefore Very Short Term correction can not be ruled out and fresh consolidation is also required for sustaining above resistances.
As Indian markets out performed all the Global markets also today therefore expected that Nifty will correct in sideways trading and consolidate for fresh rally in the coming sessions.