Watch levels also amid rally continuation expectations above life time highest
Intra Day Chart Analysis & Market Outlook
(05-07-2019)
Nifty-Intra Day Chart (04-Jul-2019):- |
| Just click on chart for its enlarged view |
1- Selling between 11950-11960
2- Down moves in Bullish Falling Channels
3- Whole day actual trading between 11924-11969
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly Watch Levels amid Economic survey led high volatility expectations":-
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 sufficient consolidation patterns formations yesterday therefore whole day positive zone trading was seen today. Although some selling in first 2 hours but good consolidation through Down moves in Bullish Falling Channels in last hours also today therefore on going rally continuation expectations are alive despite today closing near lower levels of the day.
Following 3 resistance ranges were updated on 02-07-2019 in "Rally towards 12000 after follow up consolidation":-
1- 11842-11934(Crossed)
2- 11968-12000
3- 12045-12097
Nifty was unable to move above 2nd resistance range bottom(11968) and slipped 30 points after making today highest at 11969.25.
Union Budget 2019-20 tomorrow and Nifty failed to cross 2nd resistance today therefore view will be cautious because Budget led high volatility can not be ruled out tomorrow therefore next supports below today lowest should also be kept in mind:-
1- 11879-11896
2- 11815-11844
3- 11642-11727(Strong supports)
4- "Modi ji's Victory gap"(11426-11591)
Although multiple supports below today lowest but multiple resistances are also above today highest and Union Budget 2019-20 like big event by a new Finance Minister tomorrow therefore view will be cautious because Short Term Indicators have also turned overbought after last 12 sessions slow up moves.
As Indian markets have to react on Budget like big event tomorrow and Indian markets are sideways for the last 33 sessions therefore firstly sustaining beyond above levels should be watched also for next big moves confirmations amid finally rally continuation expectations above life time highest in next week.