Emergence of down moves possibility
Nifty-Intra Day Chart Analysis &
Market Outlook(12-08-2020)
Nifty-Intra Day Chart Analysis(11-Aug-2020)
Technical Patterns formation in today intraday charts
1- Selling between 11350-11373
2- Down moves in Bullish Falling Channel
3- Selling between 11342-11363
4- Support between 11312-11326
5- Whole day actual trading between 11300-11373
Conclusions from intra day chart analysis
As Dow Jones closed 357 points up yesterday and its Futures was trading more than 90 points up therefore all the Asian markets were trading strong hence good opening of Indian markets.
Although whole day positive zone trading and closing with 0.46% gains but higher levels selling was seen today and Indian markets completely under performed Global markets today because when most European markets were trading more than 2% up and Dow Jones Futures was also more than 250 points up then Indian markets closed with lesser gains therefore good selling on such strong cues can not be ruled out and sustaining above today highest after complete consolidation is must for fresh up moves above today highest.
Follow up selling and once sustaining below today lowest(11300) will mean sharp down moves possibility because intraday selling was seen yesterday also and today up moves were only strong Global markets led.
Although lower levels some supports but higher levels good selling today therefore emergence of down moves possibility because Short Term indicators have turned overbought also.