Finally 18282-18442 will confirm next Short/Intermediate Term Trend
Nifty-Intra Day Chart Analysis &
Market Outlook(17-11-2022)
Nifty-Intra Day Chart (16-Nov-2022):-
Technical Patterns formation in today intraday charts
1- Support between 18357-18386
2- Selling between 18405-18442
3- Support between 18345-18383
4- Whole day actual trading between 18345-18442
Conclusions from intra day
chart analysis
Although new top of the on going rally formation today but higher levels good intraday selling was seen because Russian made missile fall in Poland news led Geo Political tension dominated in all the Global markets and resultant:-
1- All Asian markets except Nikkei 225 closed in Red.
2- All European markets except FTSE 100 were trading in negative zone during Indian trading hours.
As lower levels intraday supports were also seen today therefore Nifty closed flat today but remain cautious tomorrow because if Geo Political tension mounts then sharp fall may also be seen in all the Global markets. Next 2 supports of Nifty are as follows:-
1- 18345-18386
2- 18282-18349(Strong supports)
Immediate supports and resistances are lying between 18282-18442 and Nifty will firstly trade as well as prepare for next decisive moves within this range. As finally sustaining beyond this range will confirm next Short/Intermediate Term Trend therefore should be firstly watched in the coming 1/2 sessions.