Fresh rally above 12246 only after complete follow up consolidation
Intra Day Chart Analysis & Market Outlook
(20-02-2020)
Nifty-Intra Day Chart (19-Feb-2020):- |
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1- Volatility in first half hour
2- Down moves in Bullish Falling Channels
3- Up moves with downward corrections
4- Whole day actual trading between 12043-12134
Conclusions from intra day chart analysis
Following lines were told yesterday in "11948 will confirm fresh rally towards next resistances":-
finally if Nifty sustains above 11948 amid Corona virus fear then fresh up moves will be seen towards following resistances:-
1- 12124-12183
2- 12194-12246
Rally was seen towards 1st resistance range and today closing was also within it after whole day good consolidation through Down moves in Bullish Falling Channels and Up moves with downward corrections despite volatility in first half hour through slipping from higher levels.
Although good intraday consolidation today but resistance are lying up to 12246 therefore complete follow up consolidation is firstly required which should be firstly watched tomorrow for fresh rally to move and sustain above 12246.