Watch levels for next decisive
moves beginning confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(29-12-2021)
Nifty-Intra Day Chart (28-Dec-2021):-
Technical Patterns formation in today intraday charts
1- Volatility in first hour
2- Up moves in Bearish Rising Channels
3- Volatility in last hour
4- Whole day actual trading between 17162-17250
Conclusions from intra day chart analysis
Following lines were told yesterday in "Remain cautious and watch 17245 amid up moves continuation expectations":-
1- some up moves will remain continued towards next resistances(17245-17332).
2- sustaining above 17245 should be watched for next decisive up moves beginning confirmations
3- remain cautious also because failing to sustain above it will mean correction beginning towards/below the lowest(16410.20) of on going"ABC" correction.
As was told 100% same happened and Nifty closed 147 points up as well as closed below 17245 at 17233.25 after today highest formation just above it at 17250.25
Although Up moves were in Bearish Rising Channels therefore selling patterns formations will be understood today but high volatility in first and last hour hence view will be watchful because technical positions reverses also during such today high volatility.
As one sided clear intraday patterns were not seen today and firstly Nifty will have to prepare for next decisive moves as well as that will be firstly done between 17162-17379 in the coming sessions therefore sustaining beyond this range should be watched in the coming sessions. First strong signal of next decisive moves beginning will come from sustaining beyond 17245 therefore should be firstly watched but its final confirmation will be from sustaining beyond 17162-17379.