Today lowest will confirm correction towards next supports
Intra Day Chart Analysis & Market Outlook
(07-06-2019)
Nifty-Intra Day Chart (06-Jun-2019):- |
| Just click on chart for its enlarged view |
1- Selling on RBI rates expectations
2- Follow up selling in Mid-session
3- Whole day down moves with continuous selling
4- Whole day actual trading between 11830-12039
Conclusions from intra day chart analysis
As Indian markets have not shown required strength despite 25 BPS rate cut possibility by RBI today therefore we cautioned and told following lines at 09:33 AM today in "Post-open Outlook(06-06-2019)":-
1- Indian markets have not shown any strength immediately after opening
2- firstly Nifty sustaining beyond 12000 should be watched today for the life of last Tuesday started correction.
Although following bullish atmosphere but Indian markets slipped whole day with continuous selling:-
1- 25 BPS rate cut by RBI,
2- Dow's Futures was more than 70 points up after its double century gains one day before.
3- All the European markets were more than .50% up.
Indian markets have shown weakness and today lowest was near crucial supports at 11829.50 as well as next supports below it are between 11645-11730.
Correction is on and no signal of its completion yet. Firstly sustaining below today lowest should be watched tomorrow because that will confirm correction continuation towards next supports(11645-11730)