Today trading range will confirm next decisive moves
Nifty-Intra Day Chart Analysis &
Market Outlook(20-04-2021)
Nifty-Intra Day Chart (19-Apr-2021):-
Technical Patterns formation in today intraday charts
1- Consolidation between 14192-14248
2- Up moves with downward corrections
3- Consolidation between 14251-14294
4- Up moves in Bearish Rising Channel
5- Selling between 14339-14382
6- Whole day actual trading between 14192-14382
Conclusions from intra day chart analysis
Following lines were told on 17-04-2021 in "Watch levels for mentioned implications in 49 sessions sideways market":-
As good selling between 14649-14697 last Friday therefore expected that down moves will be seen below last Friday lowest(14560) in the beginning of next week.
As was told on 17-04-2021 100% same happened today and Nifty opened,traded and closed below 14560 today after loosing 258.40(1.77%) points.
Although huge gap down opening because panic developed due to sharp rise in Corona cases in India but lower levels consolidation between 14192-14248 and after that Up moves with downward corrections was seen therefore whole day up moves remained continued and closing was near the top of the day.
As firstly lower levels buying and selling also in the last two and half hour through up moves in Bearish Rising Channel and Selling between 14339-14382 therefore whole day today trading will be understood with Mixed Patterns formation between 14192-14382. It means that firstly Nifty will have to trade and prepare for next decisive moves within and near about today trading range and finally sustaining it beyond should be firstly watched tomorrow for next decisive moves beginning confirmations.