Follow up selling tomorrow will mean deeper correction
Nifty-Intra Day Chart Analysis &
Market Outlook(16-07-2020)
Nifty-Intra Day Chart (15-Jul-2020):- |
| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel
2- Selling between 10768-10827(Immediate Resistances)
3- Sharp fall in last hours
4- Whole day actual trading between 10578-10827
Conclusions from intra day chart analysis
As strong closing of US markets yesterday and most Asian markets were also trading with good gains as well as expectations from AGM of RIL at 02:00 PM today therefore up moves were seen after strong opening but Up moves were in Bearish Rising Channel and selling developed at higher levels.
As soon as AGM of RIL begins then sharp fall started which remain continued till last 15 Minutes because good selling was done on the back of heated sentiments which developed due to above mentioned positive developments.
As higher levels good selling today and once follow up selling tomorrow will mean correction continuation towards and below yesterday mentioned supports. Some supports was seen at lower levels(10563) yesterday and today also got supports just above it therefore firstly sustaining it beyond should be watched tomorrow for correction continuation confirmations which may be deeper also.