Decisive down moves beginning expectations

Decisive down moves beginning expectations

Intra Day Chart Analysis & Market Outlook

(02-06-2020)

Nifty-Intra Day Chart (01-Jun-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 9793-9850
2- Up moves in Bearish Rising Channel
3- Selling between 9882-9931 
4- Support between 9810-9832
5- Selling between 9852-9876
6- Down moves in Bullish Falling Channel
7- Whole day actual trading between 9707-9931

Conclusions from intra day chart analysis 

Following lines were told on 30-05-2020 in "Firstly up moves and Short Term Correction after fresh selling patterns" formations":-

1- As Nifty closed at 9580.30 last Friday and next resistances are starting from 9850 2- therefore expected that Nifty will firstly trade within this range
2- Firstly up moves will be seen and Short Term Correction will be considered only after complete fresh selling patterns formations on intraday charts.

As was told 100% same happened and Nifty traded firstly within mentioned(9580.30-9850) 351 points up moves will be seen today. 

Although some consolidation was seen at lower levels in first and last hour but higher levels good selling was also seen today therefore follow up selling within today trading range tomorrow will mean decisive down moves beginning towards next supports(9454-9520) and decisive down moves are expected also after 1/2 sessions follow up selling because Short Term indicators have turned Overbought and higher levels good selling patterns formations today..