3rd Resistance range will decide the fate of Pull Back Rally
Nifty-Intra Day Chart Analysis &
Market Outlook(31-03-2021)
Nifty-Intra Day Chart (30-Mar-2021):-
Technical Patterns formation in today intraday charts
1- Up moves after gap up opening
2- 3 Hours consolidation between 14709-14781(immediate supports)
3- Rally continuation in Mid-session
4- Last hours sideways trading between 14827-14876
5- Whole day actual trading between 14618-14876
Conclusions from intra day chart analysis
Following conclusive lines were told on 28-03-2021 in "Crucial levels will confirm the life of on going correction":-
intraday charts of last 2 sessions are showing consolidation therefore some up moves will be seen in the beginning of next week towards following resistances:-
1- 14610-14675
2- 14711-14752
3- 14792-14875
Up moves were seen today after gap up opening and rally remained continued in Mid-session also after fresh 3 hours consolidation within and near about above mentioned 2nd resistance range.
3rd Resistance was updated between 14792-14875 and Nifty traded sideways last hours within this resistance range as well as closed within it at 14845.10 therefore firstly sustaining it beyond should be watched tomorrow for last 2 sessions Pull Back Rally continuation/completion.
As following multiple resistances are lying above today highest therefore complete fresh consolidation is required for rally continuation above it(14876.30):-
1- 14901-14949
2- 14997-15046
3- 15158-15196
4- 15201-15241
5- 15262-15319
6- 15335-15421
Fresh selling between or near about 14792-14875 will mean down moves towards following supports after Pull Back Rally completion:-
1- 14709-14781
2- 14424-14463
3- 14365-14390
4- 14272-14314
5- 13817-13865
6- 13725-13776
7- 13606-13701
As finally sustaining beyond 3rd resistance range(14792-14875) will decide the fate of last 2 sessions Pull Back Rally therefore should be firstly watched in the coming sessions for its confirmations