Signals of Pull Back Rally
Intra Day Chart Analysis & Market Outlook
(23-07-2019)
Nifty-Intra Day Chart (22-Jul-2019):- |
| Just click on chart for its enlarged view |
1- Firstly more than 1% down in 20 minutes after weaker opening
2- Up moves with intraday corrections
3- Down moves in Bullish Falling Channel
4- Intraday corrections in last hour
5- Whole day actual trading between 11302-11398
Conclusions from intra day chart analysis
Although firstly sharp down and slipping more than 1% after weaker opening but whole day good consolidation patterns formations also therefore signals of Pull Back rally because Very Short Term indicators have turned oversold.
As most time trading was in more than 0.50% negative zone therefore Pull Back rally beginning confirmation is also required through valid break out of 11380 and its next targets will be following resistances:-
1- 11422-11447
2- 11470-11494
3- 11511-11544