Rally continuation towards next resistances
Intra Day Chart Analysis & Market Outlook
(16-10-2019)
Nifty-Intra Day Chart (15-Oct-2019):-
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| Just click on chart for its enlarged view |
1- Slow up moves after flat opening
2- Consolidation between 11387-11414
3- Volatility between 11422-11462 in last 2 hours
4- Whole day actual trading between 11343-11462
Conclusions from intra day chart analysis
As Dow Futures was trading in Green and most Asian markets were also trading in positive zone therefore firstly flat opening and after that more than 3 hours continuation slow up moves up tp yesterday highest because selling was seen at these levels yesterday.
Although consolidation between 11387-11414 in Mid-Sessions but higher levels volatility was also seen in last 2 hours therefore fresh consolidation is required near about today highest for on going rally continuation. Next resistances are as follows:-
1- 11486 11510
2- 11521- 11581
3- 11590- 11660
As clear selling patterns were not seen and consolidation developed also today therefore rally continuation is expected towards above mentioned next resistances in the coning sessions.