11230-11300 will generate more than 1% one sided moves
Intra Day Chart Analysis & Market Outlook
(25-07-2019)
Nifty-Intra Day Chart (24-Jul-2019):- |
| Just click on chart for its enlarged view |
1- 79 Points fall in 6 minutes
2- 6 Hours trading with Mixed Patterns formation between 11230-11300
3- Whole day actual trading between 11230-11359
Conclusions from intra day chart analysis
Immediately after opening 79 Points sharp fall in 6 minutes and after that last 6 Hours trading with Mixed Patterns formation between 11230-11300 therefore valid break out of this range will confirm a Pull Back rally and its valid break down will confirm Wave-A of "ABC" correction continuation towards Long Term Trend decider 200-Day SMA(today at 11130) which is still up and last hope for Bulls.
Although last 6 hours intraday patterns formation are showing condolidation but this trading was in more than 0.50% negative zone and complete consolidation can not be developed at such intraday lower levels therefore follow up consolidation is must and after this once valid break out of 11300 will mean a strong Pull Back rally which may be sharp also because Short Term Indicators have also turned oversold now.
As 6 Hours like sufficiently big trading between 11230-11300 therefore its valid break out will generate more than 1% one sided moves acoording to above mentioned manner.