Correction continuation towards next supports
Intra Day Chart Analysis & Market Outlook
(23-08-2019)
Nifty-Intra Day Chart (22-Aug-2019):- |
| Just click on chart for its enlarged view |
1- Selling between 10815-10890(Immediate Resistances)
2- Follow up selling in last hours
3- Whole day actual trading between 10719-10908
Conclusions from intra day chart analysis
As most Asian markets were weak and Hang Seng was more than 1% down therefore sentiment dampened today morning and resultant Nifty slipped 40 points in first 7 minutes.
Firstly more than 4 hours fresh selling within previous supports and between 10815-10890 as well as follow up selling in last hours therefore today closing was at lowest level of on going correction.
As Short Term indicators have turned oversold therefore dead cat jump may be seen but will not be able to sustain above 10890 because correction is very much on and finally will remain continued towards next supports between 10583-10694 which are strong enough.