17226-17327 Will confirm correction beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(04-08-2022)
Nifty-Intra Day Chart (03-Aug-2022):-
Technical Patterns formation in today intraday charts
1- Sharp fall after flast opening
2- Consolidation between 17226-17327
3- Sharp up moves in last hour
4- Whole day actual trading between 17226-17407
Conclusions from intra day chart analysis
Although firstly sharp fall after flat opening but consolidation developed between 17226-17327 therefore sharp up moves were seen in last hour. As Short Term indicators have turned completely Over bought and on going rally has been slowed down also therefore Short term correction is very much on cards.
As intraday selling patterns have not been seen today and on the contrary consolidation was between 17226-17327 therefore fresh selling is firstly required for correction beginning and sustaining beyond 17226-17327 should be watched in the coming sessions for correction beginning confirmations.