Rally continuation towards 11184.70
Nifty-Intra Day Chart Analysis &
Market Outlook(08-07-2020)
Nifty-Intra Day Chart (07-Jul-2020):- |
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1- Selling between 10754-10793
2- Down moves in Bullish Falling Channel
3- Consolidation between 10690-10720
4- Consolidation between 10742-10792
5- Whole day actual trading between 10690-10813
Conclusions from intra day chart analysis
Although firstly selling after positive opening but after that Down moves in Bullish Falling Channel and lower levels consolidation therefore up moves were seen in Mid-Session.
As again good consolidation after 12:30 PM therefore today closing was near the higher levels of the day. Indian markets out performed all the Global markets in following manner today because Nifty closed in Green at that time when:-
1- Dow Jones Futures was trading more than 280 points down.
2- Most European Markets were trading more than 1% down
3- Most Asian markets closed in Red and some more than 1% down.
As Indian markets out performed all the Global markets and good intraday consolidation was seen today therefore Rally continuation is expected towards 11184.70(100% Fibonacci Extension Target of Wave-c of Wave-B):-
Calculation of 11184.70 was updated on 06-06-2020 in "Rally continuation amid only Short Term Correction expectations"
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