Sustaining above 11305 will confirm decisive up moves towards next resistances
Nifty-Intra Day Chart Analysis &
Market Outlook(01-10-2020)
Nifty-Intra Day Chart (30-Sep-2020):-
Technical Patterns formation in today intraday charts
1- Consolidation between 11185-11216
2- Selling between 11250-1282
3- Consolidation between 11208-1226
4- Up moves in Bearish Rising Channels
5- Down moves in Bullish Falling Channel
6- Whole day actual trading between 11185-11295
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly watch levels for next decisive moves confirmations":-
Expected that Nifty will firstly trade and prepare for next decisive moves within and near about today trading range(11181-11305) and finally sustaining it beyond will confirm next decisive moves which should be firstly watched in the coming sessions.
As was told yesterday 100% same happened today and Nifty traded whole day within already given trading range.
Although above mentioned both buying and selling patterns formations today but Indian markets out performed Global markets through most time positive zone trading and closing with 25 points gains despite following Global markets weakness:-
1- Dow Jones Futures traded most time more than 200 points down and was more than 250 points weaker at the time of Indian markets closing.
2- All the European were trading in Red and some were in deep Red.
As Dow Jones is now trading more than 400 points up and SGX Nifty is also more than 100 points positive therefore if such Global markets led Bullish sentiments does maintain till tomorrow morning then strong gap up opening will be seen tomorrow but sustaining above last 2 sessions highest(11305) should be firstly watched because selling was also seen below it in last 2 sessions and fresh consolidation is also required for sustaining above it.
Let Nifty sustain above 11305 then decisive up moves will be seen towards following next resistances;-
1- 11476-11529(Strong)
2- 11556-11598(Strong)
3- 11626-11670
4- 11742-11777