17226-17380 Will confirm
next Short terms moves
Nifty-Intra Day Chart Analysis &
Market Outlook(30-08-2022)
Nifty-Intra Day Chart (29-Aug-2022):-
Technical Patterns formation in today intraday charts
1- 160 Points jump from lower levels in first 48 minutes after huge gap down opening
2- More than 5 hours sideways trading between 17294-17380
3- Whole day actual trading between 17167-17380
Conclusions from intra day chart analysis
Following conslusive line was told on 27-08-2022 in "Correction continuation & strong supports breaking down will confirm deeper correction":-
As supports between 17226-17293 are strong therefore firstly sustaining it beyond should be watched in next week
Nifty honoured already mentioned strong supports between 17226-17293 in following manner today:-
1- Although crashing Global markets led huge gap down opening below 17226 but not sustaining below it and sharp 160 points jump was seen from lower levels in first 48 minutes today morning.
2- Last More than 5 hours sideways trading was above 17293 between 17294-17380 today.
As clear one sided trading patterns were not seen between 17294-17380 today therefore firstly sustaining beyond 17226-17380 should be watched in the coming sessions for next Short terms moves beginning confirmations because:-
1- Clear and complete fresh selling patterns are firstly required for sustaining below strong supports lowest(17226).
2- Fresh consolidation and sustaining above 17380 will mean decisive up moves beginning after honouring strong supports range(17226-17293)