Levels will confirm next next Short Term Trend
Intra Day Chart Analysis & Market Outlook
(05-06-2020)
Nifty-Intra Day Chart (04-Jun-2020):-(05-06-2020)
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1- Sharp fall after opening
2- Selling between 10044-10085
3- Down moves in Bullish Falling Channel
4- Consolidation between 9945-9984
5- Last 2 hours Mixed Patterns formation between 99888-10033
6- Whole day actual trading between 9945-10123
Conclusions from intra day chart analysis
As last 2 sessions trading between 9945-10176 with higher levels selling and lower levels consolidation today therefore firstly Nifty will have to trade and prepare for next decisive moves within or near about this trading range and finally sustaining beyond this range will confirm next decisive moves.
Short Term correction was expected and it begun today but consolidation was seen below 10000 therefore Short Term correction in sideways market can not be ruled out and deeper correction will be considered only after complete fresh selling. If today like trend of higher levels selling and lower levels buying will remain continued then correction in sideways market will also be considered.
Firstly sustaining beyond 9945-10176 should be watched for next Short Term Trend confirmations which will be any one of two above mentioned possibilities(deeper correction or correction in sideways market).