Finally correction continuation
Intra Day Chart Analysis & Market Outlook
(04-09-2019)
Nifty-Intra Day Chart (03-Sep-2019):- |
| Just click on chart for its enlarged view |
1- More than 5 hours selling between 10850-10940
2- Down moves in last hour
3- Whole day actual trading between 10773-10940
Conclusions from intra day chart analysis
As announcement of GDP growth falling to 6-yr low at 5% came after Indian markets closing hours last Friday therefore its reaction was seen today through much weaker opening and after that more than 5 hours fresh selling between 10850-10940 which was within immediate supports range(10875-10948)
3rd Supports between 10739-10772 was updated on 31-08-2019 in "Firstly watch Levels for the next 5% decisive moves" and Nifty formed today lowest at 10772.70. As this support is last support of last 22 sessions range(10638-11181) therefore once sustaining below 10739 will mean corrective Wave-A continuation towards news lows.
As Very Short Term indicators have turned oversold therefore only a dead cat bounce may be seen which will not be able to move above 10940 but slipping below 10773 after fresh selling will mean correction continuation below 10638 which is finally expected also.