Fresh consolidation between 8807-8918 will mean Pull Back rally
Intra Day Chart Analysis & Market Outlook
(20-05-2020)
Nifty-Intra Day Chart (19-May-2020):- |
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1- Volatility in first half hour after Green opening
2- Up moves in Bearish Rising Channel
3- Selling between 8957-9002
4- Sideways trading between 8858-8918 in last 2 hours
5- Whole day actual trading between 8856-9030
Conclusions from intra day chart analysis
When most Bullish sentiments then we were cautious and told following conclusive lines at 12:34 AM today in "Firstly watch 8807-8948 after most Bullish Global markets sentiment due to hopes for potential coronavirus vaccine":-
firstly sustaining beyond 8807-8948 should be watched in the coming sessions for next decisive moves beginning confirmations.
Although strong opening today but not sustaining above 8948 and Nifty closed below it at 8879.10 today after selling at higher levels.
As sideways trading between 8858-8918 in last 2 hours today and minor consolidation was also seen within this range therefore firstly sustaining it beyond should be watched in the coming sessions for next decisive moves beginning confirmations because Short Term indicators have turned Oversold and if fresh consolidation develops between 8807-8918 then Pull Back rally will be seen in the next 2/3 sessions.