Finally Up Moves Expectations amid Negative news led Weakness
Intra Day Chart Analysis & Market Outlook
(20-05-2016)
Nifty-Intra Day Chart (19-May-2016):- |
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1- Fed rate hike news led whole days down moves
2- Sideways markets till the opening of European markets
2- Whole day Down moves in Bullish Falling Channels
3- Whole day actual trading between 7766-7876
Conclusions from intra day chart analysis
As Fed rate hike news therefore most Asian markets were down and some were more than 0.50% weak,in reaction negative opening of Indian markets. Although Indian markets remained sideways but fresh down moves started after more than 1% weaker opening of most European markets.
Although positive news of good performance of BJP in 5 Assembly Elections but Indian markets may firstly react following negative developments after closing of Indian markets today:-
1- Sebi tighten screws on participatory notes
2- European markets negative closing from 0.85% to 1.82%
3- Dow Jones traded 194 points down today.
As intraday selling patterns were not seen and all the today down moves were negative news led as well as Whole day today Down moves in Bullish Falling Channels therefore still expected that Nifty will not sustain below next supports(7678) and finally up moves will be seen towards and above 8000 despite such high Bearishness in all Global markets.