Firstly watch sustaining beyond 16000 amid Global markets huge volatility
Nifty-Intra Day Chart (11-May-2022):-
Technical Patterns formation in today intraday charts
1- Minor up moves after positive opening
2- Down moves with upward corrections
3- Slow up moves
4- Down moves in Bullish Falling Channel
5- Up moves with downward corrections
6- Selling between 16165-16222
7- Whole day actual trading between 15993-16318
Conclusions from intra day chart analysis
Although firstly up moves after positive opening but after that down moves were seen with upward corrections which means fresh selling. As consolidation developed through Down moves in Bullish Falling Channel in Mid-sessions therefore after that Up moves were seen which were also with downward corrections hence consolidation will be understood in Mid-session.
As fresh selling in last hour between 16165-16222 and selling was seen in first hour also therefore down moves will also be seen towards today lowest. Consolidation was seen above today lowest(15993) therefore firstly fresh selling is required for sustaining below it. Once sustaining below it will mean deeper correction beginning because it will confirm break down of psychological levels of 16000 and it was tested today also therefore sustaining it beyond should also be watched in the coming sessions for next big moves beginning confirmations amid Global markets huge volatility.