Firstly watch levels amid Delhi Assembly Election results and Corona virus fear
Intra Day Chart Analysis & Market Outlook
(11-02-2020)
Nifty-Intra Day Chart (10-Feb-2020):- |
| Just click on chart for its enlarged view |
1- Sharp fall after flat opening
2- Support between 11991-12022
3- Up moves in Bearish Rising Channels
4- Whole day actual trading between 11991-12103
Conclusions from intra day chart analysis
Following lines were told on 08-02-2020 in "Firstly watch level in next week for the life and length of expected correction":-
1- down moves below last Friday lowest(12073.95) is expected in the beginning of next week.
2- Next supports below last Friday lowest are as follows:-
1- 11983-12021
2- 11922-11951
3- 11615-11705
As was told 100% same happened in following manner:-
1- Nifty slipped below 12073.95 in first 2 minutes today and also traded whole day below it.
2- Today lowest was within mentioned 1st supports range(11983-12021) at 11990.75.
As Nifty again got supports within 1st supports range(11983-12021) between 11991-12022 and also closed just above it at 12031.50 today therefore this range has become most crucial and until Nifty will not sustain below it till then decisive down moves will not be seen.
Although lower levels good supports today but minor selling was also seen through Up moves in Bearish Rising Channels therefore firstly sustaining beyond 11983-12045 should be watched tomorrow for next decisive moves confirmations because Indian markets will react Delhi Assembly Election results through high volatility and Corona virus fear led Global markets reactions.