Expectations of down moves below today lowest
Nifty-Intra Day Chart Analysis &
Market Outlook(30-04-2021)
Nifty-Intra Day Chart (29-Apr-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 15010-15044 in first 20 minutes
2- Sharp fall
3- Last 6 hours sideways trading between 14815-14957 with selling patterns between 14871-14957
4- Whole day actual trading between 14815-15044
Conclusions from intra day chart analysis
Following lines were told on 29-04-2021 in "Sideways market expectations":-
1- up moves are expected towards 14970
2- sideways market is expected tomorrow
3- Resistances between 14821-14970
As was told 100% same happened in following manner:-
1- Up moves were seen towards and above 14970
2- 6 Hours sideways trading was seen between 14815-14957
3- Most time trading and closing(14894.90) within resistances(14821-14970)
As all the Asian markets were trading in Green and Dow Jones Futures was more than 100 points up therefore strong opening of Indian markets but selling developed hence sharp fall was seen.
Although 6 hours sideways trading between 14815-14957 but selling patterns formations within this range between 14871-14957 therefore emergence of down moves beginning strong signals because these selling patterns were within above mentioned resistances(14821-14970) which have turned strong after follow up selling within this range today.
As follow up selling within resistance ranges therefore expected that down moves will be seen below today lowest(14815)