Firstly watch 11290 amid Dow Jones 632 points negative closing
Nifty-Intra Day Chart Analysis &
Market Outlook(09-09-2020)
Nifty-Intra Day Chart (08-Sep-2020):-
Technical Patterns formation in today intraday charts
1- Up moves with downward corrections
2- Sideways trading between 11382-11437
3- Down moves with upward corrections
4- Whole day actual trading between 11290-11437
Conclusions from intra day chart analysis
Following lines were told on 05-09-2020 in "Strongest indications of Wave-C formation to move Nifty towards and below 7511.10":-
5th and last supports between 11290-11330 was updated in previous week and Nifty formed previous week lowest within it at 11303.6 last Friday.
Supports between 11290-11330 was updated in both previous weekly Outlooks and today lowest was exactly at 11290.45.
Firstly sustaining beyond 11290 should be watched in the coming sessions because today intraday volatility was due to following big moves of Dow Jones Futures during Indian trading hours:-
1- Indian markets moved up from negative zone because Dow Jones Futures which was trading with good gains started up moves and one time it was trading more than 300 points up.
2- Until Dow Jones Futures maintained at higher levels till then Nifty remain sideways.
3- As soon as Dow Jones Futures started to move down then Nifty also begun to slip. As Dow Jones Futures lost all it 300 points gains therefore Nifty closed at the lowest of the day.
As whole day today intraday volatility was only Dow Jones Futures led and any clear technical position formation was not seen therefore firstly sustaining beyond 11290 should be watched tomorrow amid Dow Jones 632 points negative closing because sustaining below 11290 will mean sharp fall possibility.
Next supports below 11290 are as follows:-
1- 11166-11218
2- 11086-11114
3- 11034-11060
4- 10880-10927