Levels will give first strong indication of next decisive moves
Intra Day Chart Analysis & Market Outlook
(15-04-2020)
Nifty-Intra Day Chart (13-Apr-2020):- |
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1- Sharp down after flat opening
2- Consolidation between 8913-8972
3- Selling between 9016-9100
4- Last 2 hours trading with Mixed Patterns formation between 8941-9031
5- Whole day actual trading between 8913-9112
Conclusions from intra day chart analysis
Following lines were told on 10-04-2020 in "Levels will confirm next trend according to Coronavirus problem solution timings":-
Nifty will firstly trade and prepare for next one sided decisive within and near about last Thursday trading range(8905-9128) and finally sustaining it beyond should be watched in the beginning of next week for confirmations.
As was told 100% same happened and Nifty traded within mentioned trading range(8905-9128) last Monday.
Although firstly sharp down after flat opening but lower levels consolidation was seen therefore some up moves were seen. As follow up selling at higher levels therefore slipped and last 2 hours trading was seen with Mixed Patterns formation. Both consolidation and selling therefore last Monday whole trading will be understood with Mixed Patterns formation only.
As last 2 sessions trading between 8905-9128 with both consolidation and selling therefore it will be understood that Indian markets are not prepared for any side decisive moves and firstly will have tp prepare for one sided moves which will be done in the coming sessions within or near about 8905-9128.
Following next resistances are lying above 9128;-
1- 9254-9403
2- 9430-9584
Until Nifty will not sustain above 9584 till then decisive up moves will not be seen and once sustaining below 8905 will mean more than 5% sharp fall.
Let market completely prepare for next decisive moves then will be updated according to intraday patterns formations and till then sustaining beyond 8905-9128 should also be watched because Coronavirus news led huge volatility may be seen any day and these levels will give first strong indication of next decisive moves.