Firstly fresh technical positions formations and then Levels will confirm given next decisive moves
Intra Day Chart Analysis & Market Outlook
(05-09-2019)
Nifty-Intra Day Chart (04-Sep-2019):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Minor consolidation between 10747-10770
3- Consolidation between 10786-10805
4- Selling between 10815-10858
5- Whole day actual trading between 10747-10858
Conclusions from intra day chart analysis
Although firstly slipping after flat opening but lower levels some consolidation developed therefore slow up moves were seen which converted into selling in the last more than 2 hours therefore today trading will understood with Mixed patterns formations.
Last support of the last 23 sessions trading range is between 10739-10772 and Nifty consolidated within and above it. Immediate resistances above today highest were between 10850-10940 and last hours selling was seen just below it today therefore fresh technical positions formations and sustaining beyond today trading range(10747-10858) tomorrow will confirm following decisive moves:-
1- Above 10858 will confirm some up moves but follow up consolidation is must because resistances above it are strong.
2- Below 10747 will mean breaking down of last supports of previous 23 sessions trading range which mean emergence of sharp fall possibility after it if break down will be forceful.