Levels will confirm next big moves
Intra Day Chart Analysis & Market Outlook
(05-03-2020)
Nifty-Intra Day Chart (04-Mar-2020):- |
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1- 79 Points down in first 8 minutes
2- More than 3 hours trading with mixed Patterns formation between 11232-11328
3- Consolidation between 11083-11140
4- Up moves in last 2 hours
5- Whole day actual trading between 11083-11356
Conclusions from intra day chart analysis
Although positive opening but not sustaining and slipping 79 Points down in first 8 minutes. As more than 3 hours trading with mixed Patterns formation and not pure consolidation therefore slipping after some more Corona Virus cases finding news but clear consolidation at lower levels therefore up moves were seen in last 2 hours
Supports between 11100-11144 has been updated several times in previous sessions Outlooks and Nifty has not closed below in yet and recover sharply after slipping below it. As follow up consolidation developed within and below it therefore this support range has become stronger and now immediate supports will be understood between 11083-11144 and until Nifty will not sustain below it till then decisive down moves will not be seen.
Last 4 sessions most time trading between 11083-11428 and finally sustaining beyond or forceful break out of this range will confirm next big moves which may be according to final solution or extension of Corona Virus problem and that should be watched otherwise sideways trading within this range will be seen amid uncertainty.