Finally down moves towards next supports
Nifty-Intra Day Chart Analysis & Market Outlook(15-09-2020)
Nifty-Intra Day Chart (14-Sep-2020):-
Technical Patterns formation in today intraday charts
1- More than 4 hours sideways trading between 11520-11568
2- Sharp fall
3- Volatility in last hours
4- Whole day actual trading between 11384-11568
Conclusions from intra day chart analysis
Live Proofs of levels accuracy:-
1st resistances between 11550-11569 were posted on 12-09-2020 in "More down moves expectations after fresh selling" and today highest is exactly at 11568.90.
Nifty traded sideways more than 4 hours within and just below above mentioned resistances(11550-11569) between 11520-11568 under heated sentiments due to following positive news flow:-
1- DOW Futures was trading more than 300 points up.
2- All the Asian markets were trading in Green.
3- Oxford University said in a statement on Saturday that it is resuming the ‘paused’ vaccine trial of the ChAdOx1 COVID vaccine in clinical trial sites in the United Kingdom.
4- SEBI, in a circular, on Friday announced new set of portfolio allocation rules for multi cap mutual funds where the Market Regulator made it mandatory for the multi cap funds to invest a minimum of 25% of their portfolio each in large cap stocks, mid caps and small cap companies.
As some selling due to above Bullish developments therefore sharp fall was seen just before 02:00 PM and last hours Volatility therefore until Nifty will not sustain above today highest after complete fresh consolidation till then decisive up moves will not be seen.
Next resistances below today lowest are as follows:-
1- Double bottom supports at 11366
2- 11301-11357
3- 11186-11243
As some selling today and Very Short Term indicators have also turned over bought therefore expected that finally down moves will be seen towards above mentioned next supports after fresh selling in the coming sessions.