Correction continuation expectations
Intra Day Chart Analysis & Market Outlook
(26-02-2020)
Nifty-Intra Day Chart (25-Feb-2020):- |
| Just click on chart for its enlarged view |
1- Whole day Down moves in Bullish Falling Channels
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 11780-11883
Conclusions from intra day chart analysis
Although Whole day Down moves were in Bullish Falling Channels which is an indication of consolidation development but good selling was also seen through Up moves in Bearish Rising Channel which was at that time when Modi ji and Trump meeting was being held and sentiment was boiling therefore Nifty closed near the lower levels of the day.
As whole day intraday volatility and only up and down moves were seen amid US-India trade agreement expectations therefore this news based selling also cant not be ruled out. Any final coclusion can not be drawn only from today intraday charts patterns formations because today whole day trading was news affected.
Correction is very much on and until complete consolidation will not develop till then decisive up moves will not be seen and once sustaining below today lowest will mean correction continuation towards and below 11615/11460.70 which is expected also.