Watch levels also amid Short Term correction possibility
Intra Day Chart Analysis & Market Outlook
(31-10-2019)
Nifty-Intra Day Chart (30-Oct-2019):-
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| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channels
2- Up moves in Bearish Rising Channels
3- Whole day actual trading between 11785-11883
Conclusions from intra day chart analysis
Although whole day positive zone trading and 57 points up closing also but selling was also seen through Up moves in Bearish Rising Channels. As some consolidation was also seen through Down moves in Bullish Falling Channels therefore today trading will be understood with Mixed patterns formations hence Nifty will firstly trade within and near about today trading range(11785-11883) and finally sustaining beyond today trading range will confirm Short Term correction beginning below 11785 and rally continuation above 11883.
As Short Term indicators have turned overbought and some selling was also seen today therefore emergence of Short Term correction beginning possibility but for precaution sustaining beyond today trading range(11785-11883) should also be firstly watched for confirmations.