Immediate supports will confirm next decisive moves
Intra Day Charts Analysis & Market Outlook
(10-06-2020)
Nifty-Intra Day Chart (Jun 08 & Jun 09,2020)(10-06-2020)
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1- Selling between 10276-10328 on 08-06-2020
2- Support between 10121-10184 on 08-06-2020
3- Support between 10150-10176 on 09-06-2020
4- Selling between 10234-10291 on 09-06-2020
5- Sharp fall in last hour on 09-06-2020
6- Support between 10022-10052 on 09-06-2020(Immediate Supports)
7- 2 Sessions actual trading between 10022-10328
Conclusions from 2 Sessions intra day chart analysis
As selling between 10276-10328 on yesterday and follow up selling was seen within and below this range today therefore Nifty slipped below the lower levels supports of yesterday and today and after that sharp fall developed in last hour today.
Support between 10022-10052 was seen today and once sustaining below it will mean decisive down moves towards next supports between 9945-9984.
Calculation of 2 targets of Nifty(10361 & 10276.32) as follows:-
1- Nifty traded 18 Sessions(May 04 to May 28,2020) within 777 points between 8807-9584 and when this range was broken out on 29-05-2020 then its immediate target was at 10361(9584+777).
2- 61.8% Fibonacci Extension Target of Wave-c of Wave-B was at 10276.32{8806.75+1469.57(61.8% of 2377.95)}(It has been explained with EOD chart in previous topic-"Rally continuation amid only Short Term Correction expectations".
As last 2 sessions selling just below and near about above mentioned 2 targets therefore complete consolidation is firstly required for on going rally continuation above 10361.
Lower levels immediate support between 10022-10052 today and firstly sustaining it beyond should be watched tomorrow for:-
1- Above 10052 will mean up moves towards 10234
2- Below 10022 will mean down moves towards next supports between 9945-9984