Levels will generate first signal amid sideways trading sessions
Intra Day Chart Analysis & Market Outlook
(23-04-2020)
Nifty-Intra Day Chart (22-Apr-2020):- |
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1- Consolidation between 8947-9000
2- Whole day up moves with downward corrections
3- Whole day actual trading between 8947-9209
Conclusions from intra day chart analysis
Although most Asian markets were trading in deep Red today morning after Dow Jones fall by 641 points yesterday but Indian markets were trading flat therefore we told following lines at 09:44 AM today in "Post-open Outlook(22-04-2020)":-
1- As Indian markets are out performing all the Global markets and trading only 10 points down despite most Global markets deep Red today
2- therefore firstly sustaining beyond yesterday support range(8910-8944) should be watched today for next decisive moves beginning
Nifty could not slip below 8944 and moved up after today lowest formation at 8946.25 as well as whole day up moves were seen with downward corrections and lower levels consolidation between 8947-9000 therefore today trading will be understood with continuous intraday consolidations.
Nifty consolidated between 8910-8944 yesterday and follow up consolidation was seen just above it between 8947-9000 therefore immediate supports of nifty will be understood between 8910-9000 and until Nifty will not sustain below 8910 after complete fresh selling till then decisive down moves will not be seen below 8910.
As immediate resistances of Nifty are lying between 9300-9403 therefore firstly Nifty will have to trade and prepare for next decisive moves between 8910-9403 hence Nifty will remain sideways within this range in the coming 2/3 sessions.
First expected trading range of Nifty is between 9060-9300 and sustaining beyond this range will generate first signal of next decisive moves beginning which should be watched,