Firstly up moves expectation but watch given levels if negative news led Global and Indian markets fall begins
Intra Day Chart Analysis & Market Outlook
(06-05-2020)
Nifty-Intra Day Chart (05-May-2020):- |
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1- More than 4 hours trading with Mixed Patterns formation between 9305-9450
2- Down moves in Bullish Falling Channel in last 2 hours
3- Whole day actual trading between 9191-9450
Conclusions from intra day chart analysis
Following lines were told at 12:42 AM on 05-05-2020 in "Up moves towards immediate Resistances if Global markets not crashing":-
1- up moves towards immediate Resistances(9350-9407) are expected
2- Next supports between 9154-9227
Up moves were seen towards and above immediate Resistances(9350-9407) but could not sustain at higher levels and Down moves were see in last 2 hours and today closing was within above mentioned supports(9154-9227) at 9205.60.
More than 4 hours trading was with Mixed Patterns formation(clear selling patterns were not seen) and last 2 hours down moves were in Bullish Falling Channel as well as these down moves were due to more then 200 points fall of Dow Jones's Futures therefore view will not be Bearish immediately despite today closing at lower levels of the day.
As last 2 hours down moves were in Bullish Falling Channel in last 2 hours which is a consolidation indication and today closing is within above mentioned next supports(9154-9227) therefore firstly sustaining it beyond should be watched tomorrow for following next moves:-
1- Above 9227 will mean up moves towards 9450
2- Below 9154 will mean down moves towards:-
A- Next supports between 8913-8972
B- 38.2% Retracement level(8980) which is crucial also
As last 2 hours down moves were in Bullish Falling therefore firstly up moves above 9227 and towards 9450 are expected but above given levels should be watched also if any negative news led Global and Indian markets fall begins.