Sustaining beyond will confirm 8905-9128 next trend amid high volatility
Intra Day Chart Analysis & Market Outlook
(16-04-2020)
Nifty-Intra Day Chart (15-Apr-2020):- |
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1- Almost 3% up after strong gap up opening
2- Intraday correction
3- sharp fall after fast down moves in European markets and Dow Jones's Futures
4- Whole day actual trading between 8875-9261
Conclusions from intra day chart analysis
Although Dow Jones's Futures was trading more than 150 points down and most Asian markets were flat to negative today morning but strong gap up opening of Indian markets and Nifty traded almost 3% up also in such depressed Global markets sentiments as well as remained more than 2% up despite more than 1% weaker opening of most European markets. In this manner it will be understood that Indian markets completely out performed all Global markets.
As Dow Jones's Futures moved down more than 300 points and all the Europen markets also moved down fast therefore sharp fall was seen in Indian markets after 01:55 PM and Nifty closed 0.76% down despite more than 2.5% fall in most European markets.
Following lines were told yesterday in "Levels will give first strong indication of next decisive moves":-
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.
As Nifty closed within yesterday mentioned trading range(8905-9128) at 8925.30 today amid Global markets led high volatility therefore firstly sustaining beyond 8905-9128 should be watched for next trend confirmations because technical positions reverses in today like high volatility and out performance on all Global markets.