Finally "Modi ji's Victory gap" support(11426-11591) will confirm next decisive moves
Intra Day Chart Analysis & Market Outlook
(12-07-2019)
Nifty-Intra Day Chart (11-Jul-2019):- |
| Just click on chart for its enlarged view |
1- Consolidation between 11520-11538
2- Consolidation between 11535-11557
3- Down moves in Bullish Falling Channel
4- Intraday correction
5- Selling between 11581-11599
6- Whole day actual trading between 11520-11599
Conclusions from intra day chart analysis
As all the Asian markets were blasting today morning after US markets rally yesterday and Dow Jones"s Futures was also trading with good gains therefore strong opening of Indian markets but slipped for consolidation between 11520-11538 because Selling was seen between 11514-11538 yesterday. As consolidation was below 11514 yesterday through Down moves in Bullish Falling Channels therefore Nifty could not slip below it today.
Higher levels selling was seen between 11565-11593 yesterday and higher levels fresh selling again developed today between 11581-11599 therefore 11565-11599 has become immediate resistance range and until Nifty will not sustain above 11599 till then decisive up moves will not be seen. As today up moves were with consolidation therefore if fresh consolidation develops within and near about 11565-11599 then fresh rally will be seen above 11599.
165 Points "Modi ji's Victory gap" supports was formed between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019. Firstly Nifty traded 34 sessions above this range and after that Nifty traded most of the time within this range in last 3 sessions as well as closed also within this range in last 4 sessions. As such long time this range has shown its significance therefore finally break out of this range will confirm following decisive moves:-
1- Sustaining above 11591/11599 for first signal of strong Pull Back rally beginning.
2- Deeper correction beginning confirmation below 11426.