Fresh selling will mean sharp down moves
Intra Day Chart Analysis & Market Outlook
(07-02-2020)
Nifty-Intra Day Chart (06-Feb-2020):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Mixed Patterns formation in last 4 hours between 12102-12160
3- Whole day actual trading between 12085-12160
Conclusions from intra day chart analysis
Following resistances were updated yesterday in "Firstly fresh consolidation and only after that rally continuation towards following next resistances":-
1- 12125-12169
2- 12160-12216
Firstly consolidation was seen through Down moves in Bullish Falling Channel and after that up moves wre seen but last 4 hours trading was with Mixed Patterns formation and RBI Credit policy led volatility was also seen which means that one sided technical positions have not developed today.
As today closing was within yesterday mentioned first resistance range(12125-12169) at 12137.95 and above it more resistances are lying up to 12216 therefore more consolidation is required for fresh up moves above 12216.
Expected that Nifty will firstly trade within 12085-12216 in the coming sessions and finally sustaining beyond this range will form next trend. As Short Term Indicators have turned over bought and minor selling was also seen at higher levels today as well as resistances are lying above today highest therefore if fresh selling develop tomorrow then sharp down moves may be seen below today lowest(12085),be cautious.