Fresh selling tomorrow will mean Short Term Correction beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(20-07-2022)
Nifty-Intra Day Chart (19-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Up moves in Bearish Rising Channels
2- Down moves
3- Sharp up
4- Whole day actual trading between 16188-16359
Conclusions from intra day chart analysis
Although weaker opening but not sustaining at lower levels and up moves up moves started which remained continued till last half hour and Nifty closed with 0.38% up. As up moves were in Bearish Rising Channels therefore down moves were also seen in Mid-session.
As sufficient consolidation patterns were not seen and selling patterns formations also developed through up moves in Bearish Rising Channels therefore until fresh consolidation will not be seen within or near about today trading range(16188-16359) till then nifty will not sustain above today highest. Fresh selling patterns formations tomorrow will mean Short Term Correction beginning below today lowest Dow Jones now trading 589 points up.