Follow up selling will mean sharp fall possibility
Nifty-Intra Day Chart Analysis &
Market Outlook(23-07-2020)
Nifty-Intra Day Chart (22-Jul-2020):- |
1- Up moves in Bearish Rising Channel
2- Down moves with upward corrections
3- Up moves in last hour
4- Whole day actual trading between 11057-11238
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly watch 11244 amid rally continuation expectations":-
rally will remain continued towards 11244
As was told yesterday 100% same happened today and rally will remain continued with today highest formation at 11238.10 which is just below 11244.
As firstly selling was seen through Up moves in Bearish Rising Channel down moves were seen with upward corrections which means that with follow up selling. Although Up moves in last hour but good selling today therefore Nifty will not be able to move above today highest(11238) and once follow up selling tomorrow and sustaining below today lowest(11057) will mean emergence of sharp fall possibility therefore be cautious.