10671-10805 will confirm next decisive moves
Intra Day Chart Analysis & Market Outlook
(20-09-2019)
Nifty-Intra Day Chart (19-Sep-2019):- |
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1- Continuous slipping after flat opening
2- Minor consolidation at lower levels in last 2 hours
3- Whole day actual trading between 10671-10845
Conclusions from intra day chart analysis
As whole day lower levels supports and after that Mixed Patterns formation in last 3 hours yesterday therefore up moves expected today but sentiment turned dampened today morning due to depressing Asian markets therefore fresh down moves begun after flat opening.
Although continuous slipping but minor consolidation was also seen at lower levels in last 2 hours therefore some up moves may be seen tomorrow because Short Term Indicators have also turned Oversold.
Last supports of previous 33 sessions trading range(10638-11181) are between 10747-10805 and this support has been broken down today therefore until Nifty will not sustain above 10805 till then decisive up moves will not be seen and once sustaining below today lowest will mean more then 5% sharp fall possibility.
As Nifty closed near the lower levels of previous 33 sessions trading range(10638-11181) and last supports have also been broken down therefore firstly valid break out of 10671-10805 should be watched for above mentioned next decisive moves confirmations.