Rally only after peace and confidence in Middle-East
Intra Day Chart Analysis & Market Outlook
(07-01-2020)
Nifty-Intra Day Chart (06-Jan-2020):- |
| Just click on chart for its enlarged view |
1- Sharp fall after weak opening
2- Selling between 12054-12097(Immediate Resistances)
3- Selling between 12012-12036(Immediate Resistances)
4- Last hour support between 11974-12171
5- Whole day actual trading between 11974-12171
Conclusions from intra day chart analysis
As tension mounted in last 2 holidays between US and Iran therefore all the Global markets including Dow's Futures were trading weaker and Crude was also boiling today morning resultant Indian markets slipped after gap down opening and down moves remained continued with follow up selling in sideways markets as well.
Although last hour support between 11974-12171 and Very Short Term indicators have also turned oversold but until clear consolidation patterns will not develop till then Nifty will not sustain above Immediate Resistances.
Let some peace and confidence develop in Middle-East and Crude stop increasing then firstly a Pull Back Rally will be seen which will be first signal of correction stopping and decisive up moves beginning. As last hour support between 11974-12171 today therefore this range should be watched for next Very Short Term Trend beginning and continuation.