Finally crucial levels will confirm next trend
Technical Analysis,Research & Weekly Outlook
(Mar 23 to Mar 27,2020)
Nifty-Last 5 Sessions intraday charts analysis
Nifty-Intra Day Chart (Mar 16 to Mar 20,2020):- |
| Just click on chart for its enlarged view |
1- Selling in last 5 sessions between
A- 8503-8883
B- 9254-9403
C- 9430-9584
2- Consolidation in last 5 sessions between
A- 8179-8423
B- 8087-8360
C- 7833-8024
3- 5 Sessions actual trading between 7832-9602
Conclusions from 5 Sessions intra day chart analysis
Last 5 sessions trading was between 7832-9602 with above mentioned higher levels 3 resistances and lower levels 3 supports therefore Nifty will not easily cross last 5 sessions trading range and will firstly trade as well as prepare for next decisive moves within this range,finally sustaining beyond this range will confirm next big moves which should be watched in the coming week/weeks.
Nifty-Intra Day Chart Analysis (20-Mar-2020)
Nifty-Intra Day Chart (20-Mar-2020):- |
| Just click on chart for its enlarged view |
1- Consolidation between 8179-8423(Immediate Supports)
1- 3 Hours 700 points up moves with downward corrections
3- Sharp fall after Maharashtra Govt. lockdown news
4- Slow up moves in last hour
5- Selling indications in last hours between 8503-8883(Immediate Resistances)
6- Whole day actual trading between 8179-8883
Conclusions from intra day chart analysis
Although firstly slipping after positive opening but lower levels good consolidation was seen between 8179-8423 therefore 3 Hours 700 points up moves was seen with downward corrections. As sentiment changed suddenly after Maharashtra Govt lockdown news broken out hence Nifty crashed 380 points within only 36 Minutes. Although some up moves were seen in last hour but were slow therefore some selling also can not be ruled out during these up moves.
As last hours volatility with higher levels selling indications developed between 8503-8883 therefore this range will be understood immediate resistance of Nifty and until Nifty will not sustain above 8883 after complete consolidation till then decisive up moves will not be seen.
Conclusions (After Putting All Studies Together)
As 3 EOD charts(Waves structure,Corrective Waves structure and Fibonacci retracement levels) were posted in previous weekly outlook(Mar 16 to Mar 20,2020) and no material change in previos week therefore EOD charts are not being repeated and only intraday charts of previous week are being posted:-
1- Long term trend is down.
2- Intermediate term trend is down.
3- Short term trend is sideways between 7832-9602 for the last 5 sessions.
As Corona Virus led huge uncertainity therefore high volatility and in the Global markets hence Nifty traded within more than 1500 points in previous week. As some medicines have been proved effective to cure Corona Virus therefore some up moves were seen in most Global markets in previous week but sentiment turned depressed in India after Corona Virus spreading by Kanika Kapoor news broken out. No one knows about its seariousness and firstly it should be understood in next week,then next decisive moves will be considered.
Next 3 supports and 3 resistances have been updated above and firstly sustaining then beyond should be watched one by one as well as finally crucial levels (7832-9602) will confirm next trend amid Corona Virus spreading news by Kanika Kapoor in India.