Firstly watch "Modi ji's Victory gap" support(11426-11591) for next decisive moves
Intra Day Chart Analysis & Market Outlook
(09-07-2019)
Nifty-Intra Day Chart (08-Jul-2019):- |
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1- Selling between 11676-11702
2- Selling between 11607-11638
3- Mixed Patterns formation between 11524-11573
4- Whole day actual trading between 11524-11724
Conclusions from intra day chart analysis
As crashing like situation in most Asian markets today morning therefore Nifty slipped 87 points in first 15 seconds after weaker opening and after that whole day down moves were seen through selling within sideways trading also.
Last one hour trading was seen with Mixed Patterns formation between 11524-11573 and once sustaining below it will mean fresh down moves beginning but until complete consolidation will not develop till then decisive up moves will not be seen above 11573.
Emergence of Intermediate Term Trend turning down strong signals today because Nifty slipped below 34 sessions lowest(11592) and 55-Day SMA(today at 11719) and once sustaining below 55-Day SMA will mean Intermediate Term Trend turning down confirmation.
165 Points "Modi ji's Victory gap" supports developed between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019 and Nifty slipped below 11591 today. It should alse be kept in mind that once slipping below 11427 will mean filling of this gap and emergence of deeper correction possibility.
Although completely depressed sentiment today but Nifty has not slipped below 11427 yet therefore firstly keep in mind following line also which was told on 29-06-2019 in "Rally above 12103 and towards 13870.95 after Budget-2019":-
Indian markets are well matured and have full faith in Modi ji as well as rally will remain continued above 12103 and towards 13870.95 after Budget-2019 but next one more week may remain sideways between 11427-12103 for consolidation and fresh rally preparation.
"Modi ji's Victory gap" supports was formed between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019 and Nifty closed within this range today. Firstly break out of this range should be watched for deeper correction beginning confirmation below 11426 and sustaining above 11591 for first signal of Pull Back rally beginning.