Firstly Watch 11375 amid emergence of Pull Back rally possibility
Intra Day Chart Analysis & Market Outlook
(09-05-2019)
Nifty-Intra Day Chart (08-May-2019):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Whole day actual trading between 11347-11447
Conclusions from intra day chart analysis
As all the Asian markets were trading in Red after Dow Jones slipping 473 points therefore gap down opening of Indian markets. Although today closing was at lower levels of the day but all the down moves were in Bullish Falling Channels therefore emergence of Pull Back rally possibility in the coming sessions.
Following lines were told yesterday in "Levels will confirm deeper correction amid crashing like Global markets":-
Next supports below today lowest are as follows:-
1- 11425-11460
2- 11315-11375(55-Day SMA is lying within this range)
As 55-Day SMA is lying within 2nd supports range therefore it has become crucial supports range and finally sustaining it beyond will confirm deeper correction beginning or correction completion.
As today closing is also within above mentioned 2nd supports range therefore firstly sustaining beyond 11315-11375 should be watched in the coming sessions. As emergence of Pull Back rally possibility also therefore once sustaining above 11375 will mean fresh rally after on going correction completion.