Correction towards next supports expectations
Intra Day Chart Analysis & Market Outlook
(21-04-2020)
Nifty-Intra Day Chart (20-Apr-2020):- |
| Just click on chart for its enlarged view |
1- Slipping 118 points in first 3 minutes after gap up strong opening
2- Up moves in Bearish Rising Channels
3- Down moves in Bullish Falling Channel
4- Consolidation between 9231-9270
5- Sharp fall from higher level
6- Whole day actual trading between 9231-9390
Conclusions from intra day chart analysis
Following conclusive lines were told on 18-04-2020 in "Next resistance range will confirm more than 10% one sided decisive moves ":-
As firstly follow up moves within and/or near about next resistance range(9254-9403) and finally sustaining it beyond will confirm the life of on going rally with more than 10% one sided decisive moves also therefore should be watched in next week.
As was told 100% same happened and Nifty traded whole day within and near about above mentioned resistance range(9254-9403) and closed also within it at 9261.85 today.
Although lower levels some consolidation and closing also between 9231-9270 today but higher levels good selling also through Up moves in Bearish Rising Channels therefore sharp fall from higher level was seen in last hour.
As higher levels good selling today therefore once sustaining below today loweest(9231) will mean correction towards following next supports one by one and it is expected also:-
1- 9092-9173
2- 8913-8972
3- 8654-8750