On going correction continuation
expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(27-07-2022)
Nifty-Intra Day Chart (26-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Sharp fall in first 10 minutes after flat opening
2- Down moves with upward corrections
3- Up moves in Bearish Rising Channel
4- Down moves with upward corrections
5- Whole day actual trading between 16464-16636
Conclusions from intra day chart analysis
Following lines were told:-
1- on 21-07-2022 in "Finally sharp down moves will be seen":-
finally sharp down moves will be seen in the coming 2/3 sessions and below last 2 sessions lowest(16491)
2- In Weekly Outlook on 23-07-2022 in "Short Term correction will be seen":-
Short Term correction may begin any day therefore it will be seen in next week
As was told 100% same happened and:-
1- Down moves have been seen within 3 sessions sessions and Nify slipped as well as closed below 16491 at 16483.85 with today lowest formations at 16463.30.
2- Down moves and negative closing had been seen in both sessions of this week.
As whole day good selling was seen through selling patterns formations after sharp fall in first 10 minutes therefore 0.88% negative closing of today was near the lower levels of the day and on going correction continuation is expected in the coming session also.