Firstly watch 8807-8948 after most Bullish Global markets sentiment due to hopes for potential coronavirus vaccine
Intra Day Chart Analysis & Market Outlook
(19-05-2020)
Nifty-Intra Day Chart (18-May-2020):- |
| Just click on chart for its enlarged view |
1- 76 Points fall in first 2 minutes
2- 200 Points fall in first 43 minutes
3- Last more than 5 hours sideways trading between 8807-8948
4- Whole day actual trading between 8807-9158
Conclusions from intra day chart analysis
Although Dow Jones's Futures was trading more than 250 points up and all the Asian markets except Taiwan were trading in Green today morning but sharp fall was seen in Indian markets through 76 Points fall in first 2 minutes and 200 Points fall in first 43 minutes. In this manner Indian markets completely under performed all the Global markets because Nifty traded almost whole day more than 2% down despite more than 2% positive and strong trading of most European markets.
As Nifty traded sideways more than 5 hours at 2% to 3% down rates between 8807-8948 with such huge under performing Global markets therefore good selling can not be ruled out here and finally down moves below Day's lowest(8807) is expected despite following most Bullish Global markets at this moment today:-
1- Dow Jones is trading more than 900 points up.
2- Most European markets closed more than 4% up
3- SGX Nifty is now trading more than 200 points up.
As all the Global markets have surged on hopes for potential coronavirus vaccine therefore sentiment has turned most Bullish hence firstly sustaining beyond 8807-8948 should be watched in the coming sessions for next decisive moves beginning confirmations.