Up moves above today highest if Global markets not crashing
Intra Day Chart Analysis & Market Outlook
(30-04-2020)
Nifty-Intra Day Chart (29-Apr-2020):- |
| Just click on chart for its enlarged view |
1- Consolidation between 9392-9518
2- Sharp up moves
3- Down moves in Bullish Falling Channel in last hour
4- Whole day actual trading between 9392-9599
Conclusions from intra day chart analysis
As some selling patterns formations yesterday therefore we were expecting down moves for today but as soon as we saw positive sentiment today morning due to Bullish news flow then we told following lines at 08:300 AM today in "Pre-open Outlook(27-04-2020)":-
As selling patterns formation below 9403 yesterday therefore firstly sustaing above it should be watched today because firstly follow up moves and finally sustaining it beyond will confirm next short Term moves.
Although Nifty slipped below 9403 but firstly consolidated more than 4 hours between 9392-9518 because next resistances above 9403 were between 9430-9584 and then sharp up moves were seen. As more consolidation was required for sustaining above next resistances(9430-9584) therefore it was seen in last hour through Down moves in Bullish Falling Channel.
As whole day good consolidation today within above mentioned resistances therefore up moves are expected above today highest(9,599.85) if Global markets not crashing.