Expectations of Up moves above today highest
Intra Day Chart Analysis & Market Outlook
(24-03-2020)
Nifty-Intra Day Chart (23-Mar-2020):- |
| Just click on chart for its enlarged view |
1- Whole day down moves in Bullish Falling Channels
2- Whole day actual trading between 7584-8159
Conclusions from intra day chart analysis
As sentiment turned tremendously depressed after all around lock down in some states and many cities therefore huge gap down opening and Indian markets hit 10% circuit filter before 11:00 AM today as well as Nifty closed 12.98% down finally. One more thing I would like to add here that sentiment worsened too too much but situation not that much and Indian markets over reacted today.
Although such high crash today but intraday charts patterns of today are suggesting consolidation through whole day down moves in Bullish Falling Channels therefore up moves above today highest(8159.25) is expected because today such huge down moves of today will be understood over reaction also.