Watch lower levels for expected down moves beginning confirmations
Nifty-Intra Day Chart Analysis
& Market Outlook(11-05-2021)
Nifty-Intra Day Chart (10-May-2021):-
Technical Patterns formation in today intraday charts
1- Slipping in first hour
2- Up moves in Bearish Rising Channels in Mid-session
3- Sideways trading in last hour between 14929-14952
4- Whole day actual trading between 14893-14966
Conclusions from intra day chart analysis
Although gap up strong opening and whole day Green zone trading also but selling was seen through up moves in Bearish Rising Channels in Mid-session therefore firstly sustaining beyond today trading range(14893-14966) should be watched tomorrow for next decisive moves beginning beginning confirmations because selling parrens were seen today within resistance range(14871-14957)
As follow up selling within resistance range(14871-14957) today and if more selling develops tomorrow then decisive down moves will be seen below today lowest because selling patterns were seen last Friday also.
As down moves possibilities increased today therefore firstly sustaining below last hour sideways trading range lowest(14929) and finally sustaining below today lowest(14893) should be watched tomorrow for expected down moves beginning confirmations.