Sustaining beyond 9057 will confirm next decisive moves
Intra Day Chart Analysis & Market Outlook
(22-05-2020)
Nifty-Intra Day Chart (21-May-2020):- |
| Just click on chart for its enlarged view |
1- Consolidation between 9108-9150
2- Selling between 9147-9178
3- Down moves with upward corrections
4- Whole day actual trading between 9057-9178
Conclusions from intra day chart analysis
Following lines were told on 19-05-2020 in "Fresh consolidation between 8807-8918 will mean Pull Back rally":-
Short Term indicators have turned Oversold and if fresh consolidation develops between 8807-8918 then Pull Back rally will be seen in the next 2/3 sessions.
Pull Back rally was seen and Nifty closed in Green in both previous sessions
Although firstly almost 3 hours consolidation and some up moves also seen after that but higher levels some selling was also seen at higher levels and after that Down moves with upward corrections therefore today closing was near the lower levels of the day.
Next resistances above today highest are between 9200-9231 and fresh selling was seen below it today but fresh follow up selling is firstly required tomorrow for decisive down moves beginning because Indian markets out performed all Global markets and whole day traded in Green despite too much weakness in Dow Jones's Futures and all European markets.
Expected that Nifty will firstly trade and prepare for next moves near about today lowest(9057) and finally sustaining it beyond will confirm next decisive moves.