Levels will confirm Post RBI Credit Policy decisive moves
Intra Day Chart Analysis & Market Outlook
(07-08-2019)
Nifty-Intra Day Chart (06-Aug-2019):- |
| Just click on chart for its enlarged view |
1- Sharp up in first minute after negative opening
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channels
4- Slipping from higher levels in last hour
5- Whole day actual trading between 10814-11018
Conclusions from intra day chart analysis
As Repo rate cut expectations from RBI Credit policy tomorrow therefore Bank Nifty recovered strongly from lower levels resultant sharp up moves were seen in Nifty also in first minute after negative opening.
Although some consolidation in first sessions through Down moves in Bullish Falling Channel but after that most Up moves were in Bearish Rising Channels therefore Nifty slipped 90 points in last hour.
As lower levels supports above 10784 yesterday and selling through Up moves in Bearish Rising Channels below 11018 therefore Nifty will firstly trade and prepare for Post RBI Credit Policy moves within 10784-11018 and finally sustaining beyond this range will confirm post Policy decisive moves which may be according to its announcements also.