Finally 11670-11770 will confirm next trend
Intra Day Chart Analysis & Market Outlook
(18-06-2019)
Nifty-Intra Day Chart (17-Jun-2019):- |
| Just click on chart for its enlarged view |
1- Slipping 67 points in first 6 minutes after positive opening.
2- Whole day continuous down moves and closing near lower levels of the day.
3- Whole day actual trading between 11658-11844
Conclusions from intra day chart analysis
Although positive opening but Nifty slipped 67 points in first 6 minutes and whole day only down moves with closing near the lowest levels of the day.
As Nifty slipped and closed below 14 sessions lowest(11770) therefore Short Term Trend turning down confirmation. Nifty tested 55-Day SMA(today at 11670) also and finally sustaining it beyond will confirm the life of Mid Term Trend.
As Short Term indicators have turned oversold therefore a Pull Back rally can not be ruled out any day but until Nifty will not sustain above 11770 till then correction completion will not be considered and finally 11670-11770 will confirm next trend which should be watched tomorrow.