Watch levels for rally continuation confirmations
Intra Day Chart Analysis & Market Outlook
(27-08-2019)
Nifty-Intra Day Chart (26-Aug-2019):- |
| Just click on chart for its enlarged view |
1- Sharp down after strong gap up opening.
2- Whole day up moves with intraday consolidations
3- Whole day actual trading between 10757-11070
Conclusions from intra day chart analysis
Although firstly sharp down after gap up opening but after that whole day up moves with intraday consolidations and selling patterns were not seen today therefore last Friday started rally continuation is expected.
As Very Short Term indicators have turned overbought after last 2 sessions strong rally and following next resistances are lying just above today highest therefore fresh consolidation is firstly required for rally continuation:-
1- 11086-11181
2- 11200-11292
3- 11311-11393
Strong supports were told between 10583-10694 on 03-08-2019 in "11080 will confirm only a strong Pull Back Rally amid finally correction continuation expectations" and 27.0% retracement level(at 10677) is also within these supports as well as Nifty completed 27.0% retracement through lowest formation at 10637.15 last Friday therefore emergence of Wave-B beginning possibility because Nifty jumped 433 points in last 2 sessions after forming bottom within mentioned supports range and testing of 27.0% retracement level.
Long Term Trend decider 200-Day SMA is today at 11200 and above mentioned multiple resistances after lying below and above 11200 therefore firstly sustaining beyond it should be watched for 1st strong signal of Wave-B beginning.
As above mentioned resistances are above 11086 therefore follow up complete consolidation is must and firstly its happening as well as sustaining above it should be watched for last Friday started rally continuation confirmations.