Firstly Watch levels amid Corona virus fear and technical strength of Indian markets
Intra Day Chart Analysis & Market Outlook
(24-01-2020)
Nifty-Intra Day Chart (23-Jan-2020):- |
| Just click on chart for its enlarged view |
1- Firstly 81 points sharp recovery from lower levels
2- Down moves in Bullish Falling Channel
3- Up moves with small intraday corrections
4- More than 2 hours trading with Mixed Patterns formation between 12163-12189
5- Whole day actual trading between 12095-12189
Conclusions from intra day chart analysis
As news of Corona virus spreading in China today morning therefore most Asian markets were too much weak and Dow's Futures was also trading more than 75 points hence sentiment was depressed and resultant Nifty slipping after positive opening.
Although such dampened mood but firstly 81 points sharp recovery from lower levels. Nifty could not sustain at higher levels and again slipped into negative zone but these down moves were in Bullish Falling Channel which was a positive signal.
As MId-session up moves were with small intraday corrections therefore signals of more up moves but last more than 2 hours trading were with Mixed Patterns formation between 12163-12189 hence follow up consolidation is also required for sustaining above today highest.
Next supports are between 12090-12110
Next supports are between 12190-12220
Although Indian markets have shown strength and out performed all the Global markets today but Dow Jones traded more then 200 points down today and all the European markets also closed much weaker due to Corona virus spreading fear therefore sustaining beyond above mentioned supports and resistances(12090-12220)should be watched in the coming sessions for next decisive moves beginning because Indian markets are technically prepared for rally but Corona virus repercussions are not known to us.