Levels will confirm the life
and length of on going
Short Term correction
Nifty-Intra Day Chart Analysis &
Market Outlook(11-06-2021)
Nifty-Intra Day Chart (10-Jun-2021):-
Technical Patterns formation in today intraday charts
1- Ascending triangle formations after positive opening
2- First 4 hours upmoves with downward corrections
3- Last 2 hour slow up moves
4- Whole day actual trading between 15649-15751
Conclusions from intra day chart analysis
Although whole day up moves with Ascending triangle formations and first 4 hours up moves were with downward corrections also as well as closing was near the higher levels of the day but seems some selling also in last 2 hours also because up moves were slow during this period.
Good selling was seen between 15770-15800 yesterday and this range is immediate resistance of Nifty as well as whole day today trading was below it therefore until Nifty will not sustain above 15800 after complete consolidation till then decisive up moves will not be seen.
Fresh selling and sustaining below 15770 will mean correction towards and below 15567 because Nifty is being understood sideways between 15567-15800 for the last 6 sessions and this range will decide the life and length of on going Short Term correction.