11948 will confirm fresh rally towards next resistances
Intra Day Chart Analysis & Market Outlook
(19-02-2020)
Nifty-Intra Day Chart (18-Feb-2020):- |
| Just click on chart for its enlarged view |
1- 50 Points down in first 3 minutes
2- Down moves in Bullish Falling Channels
3- Up moves with downward corrections
4- Consolidation between 11909-11948
5- Whole day actual trading between 11909-12030
Conclusions from intra day chart analysis
As all the Asian markets and Dow's Futures were in deep Red therefore Nifty slipped 50 Points in first 3 minutes but after that next 4 hours Down moves were in Bullish Falling Channels therefore some consolidation developed at lower levels hence next 2 hours Up moves were seen.
Last 2 hours Up moves were with downward corrections therefore consolidation will be understood between 11909-11948 and it will be immediate supports on Nifty and until Nifty will not sustain below it after fresh selling till then decisive down moves will not be seen.
When Indian markets closed at that time all the European markets were trading more than 0.50% down and Dow'Jones future was also trading more 120 points weak but Indian markets recovered more that 100 points from lower levels therefore finally if Nifty sustains above 11948 amid Corona virus fear then fresh up moves will be seen towards following resistances:-
1- 12124-12183
2- 12194-12246