Correction continuation towards next supports
Nifty-Intra Day Chart Analysis &
Market Outlook(05-05-2021)
Nifty-Intra Day Chart (04-May-2021):-
Technical Patterns formation in today intraday charts
1- Sharp fall after strong opening
2- Selling between 14643-14697
3- Down moves in Mid-session
3- Selling between 14588-14634
4- Sharp fall in last hour
5- Sideways trading in last hour between 14462-14513
6- Whole day actual trading between 14462-14723
Conclusions from intra day chart analysis
Following lines were told on 01-05-2021 in "59 Sessions correction with Bullish flag formation amid Corona tsunami led most depressed sentiments":-
As whole day selling last Friday therefore down moves will be seen in the beginning of next week.
As was told 100% same happened and
1- Nifty opened 149 points down on Monday(03-05-2021)
2- Nifty closed 137 points down today(04-05-2021)
Although Nifty traded 88 points up after gap up opening today but not sustaining at higher levels and fallen sharply.
As more than 3 hours selling therefore down moves were seen in Mid-session and after that again follow up selling hence shrtp fall in last hour.
Although sideways trading at lower levels in last hour but higher levels good selling therefore correction will remain continued towards following next supports tomorrow.
1-14457
2-14316-14359
3-14192-14294