Watch levels for up moves confirmations amid Corona virus spreading fear
Intra Day Chart Analysis & Market Outlook
(01-02-2020)
Nifty-Intra Day Chart (31-Jan-2020):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Slow up moves in Mid-session
3- Selling between 12003-12048
4- Sharp fall in last hour
5- Whole day actual trading between 11946-12103
Conclusions from intra day chart analysis
Although 65 points positive opening but not sustaining at higher levels because Corona virus spreading news and market started slipping.
As firstly down moves were in Bullish Falling Channel therefore some up moves were seen in Mid-session which were slow hence selling was seen between 12003-12048 and resultant sharp fall in last hour.
Tomorrow is Budget 2020-21 day which may generate some optimism if positive announcements but sentiment is too much depressed due to negative news from Corona virus front and today closing was at 30 days lowest therefore more down moves gates are very much open and until Nifty will not close above following resistances till then fresh rally will not be considered.
1- 12003-12048
2- 12125-12169
3- 12160-12216