8700 Will confirm sharp fall towards next deeper supports
Intra Day Chart Analysis & Market Outlook
(22-04-2020)
Nifty-Intra Day Chart (21-Apr-2020):- |
| Just click on chart for its enlarged view |
1- Selling between 9001-9044
2- Down moves in Mid-sessions
3- Consolidation between 8910-8944
4- Volatility in last hours between 8940-9007
5- Whole day actual trading between 8910-9044
Conclusions from intra day chart analysis
Following lines were told yesterday in "Correction towards next supports expectations":-
Correction towards following next supports one by one and it is expected also:-
1- 9092-9173
2- 8913-8972
3- 8654-8750
As was told yesterday 100% same happened today through:-
1- 3.03% Correction.
2- Nifty got support just below above mentioned 2nd supports range(8913-8972) at 8909.40 and closed just above it at 8981.45 today.
As firstly more than 2 hours selling after 245 points weaker opening therefore down moves were seen in Mid-sessions. Although consolidation at lower levels but some intraday volatility in last hours therefore more selling can not be ruled during this period hence more down moves are expected towards above mentioned next 3rd supports range(8654-8750).
Be cautious because supports between 8654-8700 are weaker therefore once follow up selling and after that sustaining below 8700 will mean sharp fall confirmation towards following next deeper supports:-
1- 8361-8449
2- 8056-8107
3- 7512-7970