Expectations of down moves towards next supports
Intra Day Chart Analysis & Market Outlook
(29-04-2020)
Nifty-Intra Day Chart (28-Apr-2020):-(29-04-2020)
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1- 144 Points fall in first hour
1- All the Up moves in Bearish Rising Channels during last 5 hours
3- Whole day actual trading between 9260-9404
Conclusions from intra day chart analysis
Following lines were told on 25-04-2020 in "Short term trading levels will produce first indication of next big moves":-
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1- Selling(Resistances) in last 21 sessions between:-
A- 9254-9403
B- 9430-9584
first signal will be after sustaining beyond last 21 sessions trading range(8822-9390)
Nifty honoured above levels in following manner today:-
1- 1st Resistances was told between 9254-9403 and today highest formation was at 9404.40
2- First signal was told after sustaining beyond beyond 8822-9390 and Nifty closed below 9390 at 9380.90 today.
Although Nifty closed at the highest of on going rally and tested also upper levels of above given ranges but view will not be Bullish because all the Up moves of today were in Bearish Rising Channels and some selling cannot be ruled out on the back of these up moves.
Let Nifty to consolidate and sustain above given levels(9390 and 9403) only then immediate up moves will be considered otherwise if Nifty fails to sustain above and follow up selling develop tomorrow then decisive down moves will be seen towards next supports and it is expected also:-
1- 8913-8972
2- 8700-8750
3- 8361-8449