Be cautious because strong resistance sabove today highest & overbought indicators
Nifty-Intra Day Chart Analysis &
Market Outlook(24-06-2020)
Nifty-Intra Day Chart (23-Jun-2020):- |
| Just click on chart for its enlarged view |
1- Whole day Up moves with downward corrections
2- Whole day actual trading between 10302-10484
Conclusions from intra day chart analysis
As sentiment is extremely depressed due to Coronavirus and Indo-China border tensions therefore general traders sells in panic after little fall in price and operators covers their short positions,until complete selling patterns will not be developed on intraday and EOD charts till then decisive down moves will not be seen.
As whole day today Up moves with continuous downward corrections and selling patterns were not seen therefore on going rally continuation will be expected. Although Short Term indicators have turned overbought but intraday selling patterns were not seen today therefore correction will not be considered now. Let selling patterns develop on intraday charts then correction will be seen.
As all the Global markets including Dow Jones Futures remained whole day strong therefore up moves were seen today and if Global markets weaken tomorrow then be cautious because:-
1- Next strong resistances above today highest are between 10491-10578
2- Short Term indicators are overbought