Today lowest will confirm correction towards next supports

Intra Day Chart Analysis & Market Outlook

(07-06-2019)

Nifty-Intra Day Chart (06-Jun-2019):-

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Technical Patterns formation in today intraday charts

1- Selling on RBI rates expectations
2- Follow up selling in Mid-session
3- Whole day down moves with continuous selling
4- Whole day actual trading between 11830-12039

Conclusions from intra day chart analysis 

As Indian markets have not shown required strength despite 25 BPS rate cut possibility by RBI today therefore we cautioned and told following lines at 09:33 AM today in "Post-open Outlook(06-06-2019)":-

1- Indian markets have not shown any strength immediately after opening
2- firstly Nifty sustaining beyond 12000 should be watched today for the life of last Tuesday started correction.

Although following bullish atmosphere but Indian markets slipped whole day with continuous selling:-

1- 25 BPS rate cut by RBI,
2- Dow's Futures was more than 70 points up after its double century gains one day before.
3- All the European markets were more than .50% up.

Indian markets have shown weakness and today lowest was near crucial supports at 11829.50 as well as next supports below it are between 11645-11730. 

Correction is on and no signal of its completion yet. Firstly sustaining below today lowest should be watched tomorrow because that will confirm correction continuation towards next supports(11645-11730) 

Post-open Outlook(06-06-2019)

RBI Credit policy is at 11:45 AM today and posisive news is that 25 BPS rate cut possibility is on the cards but Indian markets have not shown any strength immediately after opening therefore firstly Nifty sustaining beyond 12000 should be watched today for the life of last Tuesday started correction.

Remain cautious also because RBI Credit policy led valatility may remain high.

Rally continuation expectations after follow up consolidation 

Intra Day Chart Analysis & Market Outlook

(06-06-2019)

Nifty-Intra Day Chart (04-Jun-2019):-

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Technical Patterns formation in today intraday charts

1- Minor selling
2- Down moves in Bullish Falling Channel 
3- Whole day actual trading between 12006-12095

Conclusions from intra day chart analysis 

Although firstly higher levels selling and some selling in Mid-session also but consolidation was also seen through Down moves in Bullish Falling Channels therefore whole day trading will be understood with Mixed Patterns formation between 12006-12095.

As last Tuesday trading will be understood only a very Short Term correction of last Monday strong rally and rally continuation above life time highest is expected after follow up consolidation within and near about 12006-12095. 

Rally continuation with intraday and Very Short Term corrections

Intra Day Chart Analysis & Market Outlook

(04-06-2019)

Nifty-Intra Day Chart (03-Jun-2019):-

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Technical Patterns formation in today intraday charts

1- Whole day rally with minor intraday corrections
2- Whole day actual trading between 11921-12103

Conclusions from intra day chart analysis 

As following negative developments therefore sentiment was much depressed today morning:-

1- Dow Jones"s Futures was trading more than 150 points down at the time of Indian markets opening.
2- Most Asian markets were trading in Red
3- Negative news was that US to end preferential trade treatment for India from June 5
4- GDP growth slumps to 5 years low at 5.8%

Although above dampening news but Inidian markets started to move up after flat opening and whole day rally remain continued with minor intraday corrections as well as Nifty closed at life time highest above 12000 today.

Rally is very much on and its continuation is expected with intraday and Very Short Term corrections. It should be kept in mind that until complete selling patterns will not develop on EOD charts till then any deeper correction will not be seen.