correction continuation towards next supports
Nifty-Intra Day Chart Analysis &
Market Outlook(18-09-2020)
Nifty-Intra Day Chart (17-Sep-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 11552-11587(immediate Resistances)
2- Up moves in Bearish Rising Channels
3- Sharp fall
4- Whole day actual trading between 11499-11587
Conclusions from intra day chart analysis
As Dow Futures was in deep Red and resultant all the Asian markets were trading in Negative zone trerefore weaker opening of Indian markets and firstly selling was seen between 11552-11587 hence this range will be immediate Resistances of Nifty and until Nifty will not sustain above it till then decisive up moves will not be seen.
Most of the up moves were in Bearish Rising Channels in Mid-session therefore sharp fall in last hour hence today closing was near the lowest of the day.
As Short Term indicators are Over bought and whole day good selling patterns were seen therefore today started correction continuation in expected towards following next supports:-
1- Double bottom supports at 11366
2- 11301-11357
3- 11186-11243