Levels will confirm next big decisive moves
Intra Day Chart Analysis & Market Outlook
(17-01-2020)
Nifty-Intra Day Chart (16-Jan-2020):- |
| Just click on chart for its enlarged view |
1- Selling between 12364-12389
2- Up moves with corrections
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 12316-12389
Conclusions from intra day chart analysis
Following lines were told in Weekly Outlook(Jan 10 to Jan 17,2020) on 11-01-2020 in "Finally rally continuation after Very Short Term correction":-
finally on going rally continuation will be expected after Very Short Term sideways time wise correction
Very Short Term sideways time wise correction was told for this week and Nifty is correcting sideways in all 4 previous sessions of this week between 12279-12389.
Following lines were told yesterday in "Levels will confirm next decisive moves after US-China trade deal ":-
firstly sustaining beyond 12279-12355 should be watched tomorrow for next decisive moves after trade deal actual impact on Indian industry and Stock Markets.
As good news of US-China trade deal therefore moved up firstly but could not sustain above and closed exactly at 12355.50 after slipping to 12,315.80
Although firstly up moves after flat opening but higher levels selling developed therefore slipping from higher levels. As last 4 hours up moves were with intraday corrections and last hour Down moves in Bullish Falling Channel therefore some consolidation will also be considered.
As both higher levels selling and lower levels consolidation today therefore Nifty will firstly trade within last 4 sessions trading range(12279-12389) and finally sustaining beyond this range will generate next big decisive moves.