Up moves towards immediate Resistances if Global markets not crashing
Intra Day Chart Analysis & Market Outlook
(05-05-2020)
Nifty-Intra Day Chart (04-May-2020):-
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| Just click on chart for its enlarged view |
1- Slipped 500 points in first hour after 325 points gap down opening
2- Selling between 9350-9407(Immediate Resistances)
3- Down moves in Bullish Falling Channel in last hours
4- Supports at lower levels in last hour
5- Whole day actual trading between 9267-9533
Conclusions from intra day chart analysis
As crashing like situation in all the Global markets therefore firstly 325 points gap down opening and after that slipping also upto 500 points. Fresh selling between 9350-9407 in Mid-session but last hours Down moves were in Bullish Falling Channel and supports at lower levels in last hour therefore if crashing like situation does not develop in Global markets on 05-05-2020 then up moves towards immediate Resistances(9350-9407) are expected because:-
1- Very Short Term indicators have become Oversold
2- 27.0% retracement levels is just below day's lowest(9267) is at 9247.00
3- Next supports between 9154-9227 are also lying just below day's lowest(9267)