10426 will confirm more Up moves
Nifty-Intra Day Chart Analysis &
Market Outlook(02-07-2020)
Nifty-Intra Day Chart Analysis(01-Jul-2020) |
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1- Consolidation between 10299-10358
2- Consolidation between 10400-10447
3- Whole day actual trading between 10299-10447
Conclusions from intra day chart analysis
As Dow Jones closed more than 200 points up yesterday therefore all the Asian markets were trading in Green hence positive opening of Indian markets and consolidated between 10299-10358 and after that up moves were seen.
Previous resistances were between 10402-10426 and selling was seen between Selling between 10353-10401 also yesterday also therefore Nifty traded within and near about these levels and consolidated in last more than 2 hours between 10400-10447 and closed above previous resistance at 10430 hence more up moves are expected towards next resistances(10553-10596).
As nowadays all the Global markets remains highly volatile and react also sharply on Covid-19 new development therefore firstly sustaining above previous resistances(10426) should also be watched for more up moves confirmations.