Follow up selling will mean decisive down moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(06-10-2020)
Nifty-Intra Day Chart (05-Oct-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 11524-11578
2- Down moves in Bullish Falling Channel
3- Selling between 11550-11542
4- Whole day actual trading between 11453-11578
Conclusions from intra day chart analysis
Following resistance were updated on 26-06-2020 in "Firstly up moves towards next resistances but finally correction continuation towards next supports":-
4- 11476-11529(Strong)
5- 11556-11598(Strong)
6- 11626-11670
7- 11742-11777
Although some supports at lower levels but higher levels good selling therefore follow up selling and once sustaining below today lowest will mean decisive down moves beginning because:-
1- Short Term indicators are Overbought.
2- Good selling was seen within above mentioned resistances.