Watch levels for confirmations amid decisive down moves beginning expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(08-10-2020)
Nifty-Intra Day Chart (07-Oct-2020):-
Technical Patterns formation in today intraday charts
1- Sharp up from negative zone
2- Last 4 hours up moves in Bearish Rising Channels between 11692-11763
3- Whole day actual trading between 11630-11763
Conclusions from intra day chart analysis
Although firstly sharp up from negative zone but after that last 4 hours up moves were in Bearish Rising Channels between 11692-11763 therefore some selling at higher levels can not be ruled out which is within yesterday mentioned resistance range(11742-11777) and today closing was also just below it at 11738.35.
As short Term indicators are Overbought and selling patterns were seen within and below resistance range(11742-11777) therefore firstly sustaining it beyond should be watched for confirmations in the coming 1/2 sessions amid decisive down moves beginning expectations