Firstly watch level for more than 100 points down moves confirmations
Intra Day Chart Analysis & Market Outlook
(13-09-2019)
Nifty-Intra Day Chart (12-Sep-2019):- |
| Just click on chart for its enlarged view |
1- Selling between 11039-11081
2- Slow down moves in last 2 hours
3- Whole day actual trading between 10965-11081
Conclusions from intra day chart analysis
Although Green closing yesterday but we told following lines at 10:55 PM yesterday in "Emergence of Short Term down moves possibility":-
"higher levels selling patterns formations therefore emergence of Short Term down moves possibility"
1-Dow Jones was trading more than 125 points plus yesterday.
2-DAX(of Germany) closed 90 points up at 9 PM yesterday.
3-FTSE(of England) closed 70 points up at 9 PM yesterday.
4-CAC 40(of France) closed 90 points up at 9 PM yesterday.
5-DIIs were net buyers in Equity cash by Rs 1132.42 Crores yesterday.
6-FIIs were net buyers in all sections(Equity cash,Index Futures and Index Futures)
Although all the Business Channels were also Bullish today morning but we were Bearish because:-
1- Higher levels selling patterns formations yesterday.
2- Selling was seen above 10990 last Monday also.
As all the Global markets were Bullish before Indian markets opening therefore firstly up moves were seen after positive opening but follow up selling developed ta higher levels therefore Nifty closed below 10990 today because selling was seen above it in the last 2 Green closing sessions.
Although today closing was near the lower levels of the day but last 2 hours down moves were slow therefore some buying can not be ruled out and firstly follow up moves with following levels should be watched for next decisive moves confirmations:-
1- Last 3 sessions selling was between 10990-11081 and until Nifty will not sustain above 11081 after complete consolidation till then next up moves will not be seen.
2- Immediate supports below today lowest are between 10868-10904
Although Nifty will firstly trade and prepare for next decisive moves between 10868-11081 but sustaining below 10990 will be strong indication of slipping below 10868 therefore should be firstly tomorrow for this more than 100 points down moves confirmations because Nifty has closed below it also today.