Rally continuation expectations
Intra Day Chart Analysis & Market Outlook
(27-03-2020)
Nifty-Intra Day Chart (26-Mar-2020):- |
| Just click on chart for its enlarged view |
1- Sharp up immediately after opening
2- Down moves in Bullish Falling Channel
3- Sharp up moves
4- Selling between 8663-8733
5- Slipping after FM Nirmala Sitaraman Press Conference
6- Consolidation between 8453-8601
7- Up moves in last hour
8- Whole day actual trading between 8305-8749
Conclusions from intra day chart analysis
As firstly sharp up immediately after opening and after that Down moves in Bullish Falling Channel therefore sharp up moves were seen after 11:00 AM but some selling also seen at higher levels because sentiment heated up due to package announcements expectations built up in FM Nirmala Sitaraman Press Conference at 01:00 PM today.
Although slipping after FM Nirmala Sitaraman Press Conference but follow up consolidation developed between 8453-8601 therefore up moves were seen in last hour,
As follow up consolidation developed after some selling between 8663-8733 therefore whole day today traing will be understood with good consolidation patterns formations and on going rally continuation is expected in the coming sessions and until Nifty will not sustain below 8453 after complete selling till then decisive down moves will not be seen.