Levels will confirm next decisive moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(07-07-2020)
Nifty-Intra Day Chart (06-Jul-2020):- |
| Just click on chart for its enlarged view |
1- More than 4 hours slow up moves
2- Sharp fall
3- Last 2 hours sideways trading between 10750-10785
4- Whole day actual trading between 10696-10811
Conclusions from intra day chart analysis
As Dow Jones Futures was trading more than 250 points up and all the Asian markets were also more than 1% up therefore sentiment was blasting today morning hence strong gap up opening of Indian markets. First 4 hours up moves were slow in such heated sentiment and some profit booking at higher levels therefore sharp fall was seen in Mid-session.
Last 2 hours sideways trading was between 10750-10785 and some selling was seen above it as well as Short Term Indicators have turned Overbought therefore firstly Nifty will trade and prepare for next moves within and near about 10750-10785,firstly sustaining it beyond should be watched tomorrow for next decisive moves beginning confirmations.