11038 will confirm correction continuation
Intra Day Chart Analysis & Market Outlook
(20-08-2019)
Nifty-Intra Day Chart (19-Aug-2019):- |
| Just click on chart for its enlarged view |
1- More than 3 hours selling between 11115-11146
2- Follow up selling in Mid-session
3- Mixed Patterns formation between 11038-11072
4- Whole day actual trading between 11038-11146
Conclusions from intra day chart analysis
As all the Asian markets were trading with good gains after triple century gains by Dow Jones last Friday and its Futures was trading more than 150 points positive today morning therefore firstly up moves were seen in Indian markets after Green opening.
Although such strong Global sentiments today but Indian markets could not sustain at higher levels and closed near lower levels of the day after fresh selling at higher levels of the day and follow up selling in Mid-session of the day.
6 Resistances were updated on 17-08-2019 in "Crucial levels will confirm 3% moves" and Nifty could not sustain above 1st resistance(11070-11121) as well as closed below it after follow up selling within and below it therefore this resistance range has become stronger and correction continuation is expected towards those supports which have already been posted on 17-08-2019 in "Crucial levels will confirm 3% moves"
As last hour trading at lower levels of the day with Mixed Patterns formation between 11038-11072 therefore firstly for precaution valid break out of this range should be watched for above mentioned correction continuation.