Sharp fall expectations despite most Bullish US & European markets
Nifty-Intra Day Chart Analysis &
Market Outlook(09-03-2021)
Nifty-Intra Day Chart (08-Mar-2021):-
Technical Patterns formation in today intraday charts
1- Up moves after strong opening
2- Selling between 15070-15111
3- Sharp fall
4- Selling between 14991-15042
5- Whole day actual trading between 14920-15111
Conclusions from intra day chart analysis
Although firstly up moves after strong opening but selling developed therefore sharp fall was seen. Follow up selling was seen in Mid-sessions therefore closing was near the lower levels of the day.
4 Hours selling was seen between 15007-15092 on 05-03-2021 and follow up selling was seen just below and above it today also therefore last 2 sessions good selling will be understood between 14991-15111 and once sustaining below 14991 will mean sharp big fall.
Although Dow Jones is now trading 490 points up and all the European markets are also 1.30% to 3.25% up as well as SGX Nifty has also trading 142 points positive but view will not be Bullish and until Nifty will not sustain above 15111 after complete consolidation till then decisive up moves will not be seen.
Fresh selling tomorrow and once sustaining below 14991 will mean sharp fall and it is expected also in the coming sessions.