Levels will confirm deeper correction amid crashing like Global markets
Intra Day Chart Analysis & Market Outlook
(08-05-2019)
Nifty-Intra Day Chart (07-May-2019):- |
| Just click on chart for its enlarged view |
1- Selling between 11592-11647(immediate resistances)
2- Down moves in last hours
3- Whole day actual trading between 11485-11657
Conclusions from intra day chart analysis
As Dow's Futures was trading in Red and most Asian markets were also in negative zone therefore fresh selling was seen between 11592-11647 and Nifty slipped below 23 previous sessions lowest(11550) in last hours down moves because all the European markets also opened weak.
As last 2 sessions down moves were due to negative news(US-China trade tariff) led and resultant all the Global markets were also weak therefore sustaining below 23 previous sessions lowest(11550) should also be watched for strong signals of deeper correction beginning. Next supports below today lowest are as follows:-
1- 11425-11460
2- 11315-11375(55-Day SMA is lying within this range)
As 55-Day SMA is lying within 2nd supports range therefore it has become crucial supports range and finally sustaining it beyond will confirm deeper correction beginning or correction completion.