Firstly Watch levels for next Trend confirmations
Intra Day Chart Analysis & Market Outlook
(20-06-2019)
Nifty-Intra Day Chart (19-Jun-2019):- |
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1- Selling between 11772-11802(Immediate resistance)
2- Down moves in Bullish Falling Channels
3- Up moves in Bearish Rising Channel
4- Volatility in last 4 hours
5- Whole day actual trading between 11626-11802
Conclusions from intra day chart analysis
As some consolidation at lower levels yesterday and all the Global markets were blasting today morning therefore firstly up moves after Green opening but fresh selling developed and after that 176 points like big down moves were seen.
Although flat closing but Indian markets completely under performed all the Global markets and volatility with both condolidation and selling patterns were also seen in last 4 hours therefore no final conclusion can be formed only from today intraday patterns formations and following levels will be watched:-
1- 1st support range 55-Day SMA(today at 11670)
2- 2nd support range "Modi ji's Victory gap"(11426-11591) support which was formed on 20-05-2019 after Exit Polls results on 19-05-2019
3- 1st resistance range(11772-11802}
4- 2nd resistance range(11842-11882)
As following surprising Stock markets reactions on different news and Union Budget on 05-07-2019 therefore firstly watch sustaining beyond above levels for the life of on going correction and next trend formation:-
1- No rally after Modi ji strong victory on 23rd May 2019.
2- Sharp fall after Smt Nirmala Sitaraman announcemet as Finance menister on 31-05-2019
3- Fresh selling in Indian markets despite blasting Global markets today.