Correction continuation expectations amid intraday volatility
Intra Day Chart Analysis & Market Outlook
(25-02-2020)
Nifty-Intra Day Chart (24-Feb-2020):- |
| Just click on chart for its enlarged view |
1- 140 Points down in first 2 minutes
2- 5 Hours selling between 11915-11977(Immediate Resistances)
3- More than 100 points fall in last 2 hours
4- Whole day actual trading between 11814-11977
Conclusions from intra day chart analysis
Following conclusive lines were told on 21-02-2020 in "Correction continuation towards and below next supports":-
As more than 4 hours selling last Thursday therefore more down moves are expected in next week towards following supports:-
1- 12043-12063
2- 11909-11948
3- 11615-11705
First strong signal of deeper correction beginning will be after sustaining below 11909 and that will mean correction continuation towards and below 11615/11460.70 also which will be seen in the coming weeks/months.
As firstly 5 hours selling between 11915-11977 after 140 Points down in first 2 minutes therefore Nifty slipped and closed below 2nd supports range hence strong signal of deeper correction beginning has been generated which has further opened the doors for correction continuation towards and below 11615/11460.70 also.
It may be a volatile day tomorrow because of Indian-US business agreements in Trump visit tomorrow and Very Short Term Indicators have also turned oversold but still correction continuation is expected and until Nifty will not sustained above 11977 after complete consolidation till then decisive up moves will not be seen.