Firstly watch 200-Day SMA for next big moves
Intra Day Chart Analysis & Market Outlook
(27-02-2020)
Nifty-Intra Day Chart (26-Feb-2020):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- High volatility in last 4 hours
3- Whole day actual trading between 11640-11783
Conclusions from intra day chart analysis
As crashing like situation developed in all the Asian markets after more than 800 points Dow Jones fall yesterday therefore sentiment was much depressed hence huge gap down opening of Indian markets.
Although some consolidation was seen through Down moves in Bullish Falling Channel in first 2 hours but after that high volatility in last 4 hours with new intraday highest and lowest formations therefore no final view can be formed only from intraday patterns formations because technical positions reverses sharply during such high volatility.
3rd Supports range between 11615-11705 was updated 3 times in following outlooks;-
1- On 15-02-2020 in "Strong signals of deeper correction beginning from next week"
2- On 21-02-2020 in "Correction continuation towards and below next supports"
3- On 25-02-2020 in "Correction continuation expectations amid intraday volatility"
(Just click above topic links and see on yours own)
Above topics names since 15-02-2020 are clearly telling that we are continuously telling only and only for Correction which is being seen. We updated 3rd and last supports between 11615-11705 and Nifty closed within it at 11678.50 today.
Nifty tested and closed below Long Term Trend decider 200-Day SMA(today at 11685.90) today and finally it will confirm next big moves of Indian markets because it will decide Long Term Trend and firstly sustaining it beyond should be watched in the coming sessions.