Follow up consolidation will mean strong rally towards next resistances
Intra Day Chart Analysis & Market Outlook
(20-03-2020)
Nifty-Intra Day Chart (19-Mar-2020):- |
| Just click on chart for its enlarged view |
1- Consolidation between 7833-8024(Immediate Supports)
2- Consolidation between 8087-8360(Immediate Supports)
3- Selling between 8429-8575(Immediate resistances)
4- Down moves in Bullish Falling Channel
5- Whole day actual trading between 7833-8575
Conclusions from intra day chart analysis
Although 2.34% negative closing but 742 points strong recovery from lower levels after consolidation between 7833-8024. As more consolidation in Mid-session also therefore sharp up moves were seen before some selling at higher levels.
As some consolidation was also seen in last hour through down moves in Bullish Falling Channel after higher levels selling therefore up moves will be seen towards today highest.
If follow up complete consolidation develop tomorrow and Nifty sustains above immediate resistances(8429-8575) then that will mean strong rally towards following next resistances:-
1- 9254-9403
2- 9430-9584