Up moves expectations
Intra Day Chart Analysis & Market Outlook
(23-10-2019)
Nifty-Intra Day Chart (22-Oct-2019):- |
| Just click on chart for its enlarged view |
1- Whole day down moves in Bullish Falling Channels
2- Whole day actual trading between 11574-11,714
Conclusions from intra day chart analysis
Although today closing was at lower levels of the day but intraday selling patterns were not seen and whole day down moves were in Bullish Falling Channels which is an indication of consolidation.
As Short Term indicators were overbought therefore Short Term correction correction was expected which was seen today but consolidation patterns have also developed today hence up moves are expected tomorrow and sustaining above today highest will confirm rally continuation towards next resistances(11936-11976).