Sustaining below 11662 will confirm sharp fall
Nifty-Intra Day Chart Analysis &
Market Outlook(29-10-2020)
Nifty-Intra Day Chart (28-Oct-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 11814-11929
2- Supports between 11685-11756
3- Whole day actual trading between 11685-11929
Conclusions from intra day chart analysis
Following lines were told on 24-10-2020 in "Watch 2 levels one by one for next trend first signal and final confirmation":-
Firstly sustaining beyond following 2 levels should be watched one by one in the coming week/weeks for first signal and final confirmations:-
1- 11824-11975
2- 11662-12025
Nifty traded within above mentioned 2nd range(11662-12025) in last 3 sessions and selling was seen at higher levels but some supports was also seen at lower levels today between 11685-11756 therefore technically sustaining beyond 11662-11756 should be firstly watched tomorrow for next big moves confirmations.
As Dow Jones is now 800 points down and and SGX Nifty is also trading more than 100 points down at this moment therefore if such Bearish sentiment maintains till tomorrow morning then huge gap down opening will be seen below 11662 and once sustaining below it will mean valid break down of last 15 sessions trading range(11662-12025) and confirmation of sharp fall of Indian markets.