Levels will confirm next
decisive moves
Nifty-Intra Day Chart Analysis &
Market Outlook(06-08-2021)
Nifty-Intra Day Chart (05-Aug-2021):-
Technical Patterns formation in today intraday charts
1- Consolidation between 16211-16275
2- Sharp Up moves in Mid-session
2- Selling between 16306-16349
3- Whole day actual trading between 16211-16349
Conclusions from intra day chart analysis
Although good selling between 16239-16290 yesterday but follow up selling was not seen and fresh consolidation developed within this range between 16211-16275 today therefore Nifty moved up sharply in Mid-session. As selling developed at higher between 16306-16349 therefore Nifty moved down in last hour and closed below 16300 today.
As both buying and selling has been seen between 16177-16349 in last 2 sessions therefore Nifty will firstly trade and prepare for next decisive moves within this range as well as finally sustaining beyond this range will confirm next decisive moves hence should be firstly watched tomorrow.