Firstly Watch Levels amid Economic survey led high volatility expectations
Intra Day Chart Analysis & Market Outlook
(04-07-2019)
Nifty-Intra Day Chart (03-Jul-2019):-
1- Sharp up from lower levels
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- 3 Hours Up moves with intraday corrections
5- Sharp fall in last hour
6- Whole day actual trading between 11888-11945
Conclusions from intra day chart analysis
As Indian markets have not shown strength after opening and one sided clear patterns formations were not seen also therefore following lines were told at 11:23 AM today in "Firstly watch Levels after Global markets weakness today":-
firstly sustaining beyond 11879-11934 should be watched for next decisive moves confirmations because minor supports are above 11879 and old resistances are lying below 11934.
Nifty closed between 11879-11934 at 11916.75 today after whole day volatality within and near about this range. Although sharp fall in last hour but it will be understood a part consolidation because whole day sufficient consolidation and only minor selling was seen. As union Budget on 05-07-2019 and general traders would have come for buying in Mid-session after seeing 3 Hours Up moves therefore intraday correction of this up move was seen through sharp fall in last hour today.
Although today closing near lower levels of the day after sharp fall in last hour but sufficient consolidation patterns formations also therefore expected that follow up consolidation will be seen tomorrow and finally rally is expected in next week.
As Economic survey led high volatility can not be ruled out tomorrow therefore firstly sustaining beyond 11815-12000 should be watched because this range will give final reaction on Budget also in the next 2/3 sessions.