Firstly Watch levels amid crashing Global markets
Intra Day Chart Analysis & Market Outlook
(30-05-2019)
Nifty-Intra Day Chart (29-May-2019):- |
| Just click on chart for its enlarged view |
1- Firstly 3 hours traing with Mixed Patterns formation between 11892-11931
2- Down moves in Bullish Falling Channels
3- Whole day actual trading between 11837-11931
Conclusions from intra day chart analysis
As all the Asian markets were trading in Red today morning because huge down moves in US markets yesterday therefore weaker opening on Indian markets.
Although today closing was near the lower levels of the day but genuine selling patterns were not seen and on the contrary firstly 3 hours trading with Mixed Patterns formation and all the down moves were in Bullish Falling Channels therefore today trading will be understood with consolidation patterns formations.
As Nifty is trading near the top levels for the last 3 sessions with Mixed Patterns formation and consolidation patterns therefore rally continuation above 12000 is still expected but Nifty will trade and prepare for this move between following ranges:-
1- 11753-11957
2- 11611-11957
As all the European and US markets are trading now more than 1% down therefore above lower levels supports have also been updated but once sustaining above 11957 will mean strong signal of fresh rally beginning above 12000.