Correction towards next supports
amid crashing Global markets
Nifty-Intra Day Chart Analysis &
Market Outlook(23-12-2022)
Nifty-Intra Day Chart (22-Dec-2022):-
Technical Patterns formation in today intraday charts
1- 147 Points sharp fall in first 25 minutes after positive opening
2- Selling between 18172-18258
3- More than 5 hours sideways trading between 18069-18180 with more than 100 points another fall
4- Whole day actual trading between 18069-18318
Conclusions from intra day
chart analysis
Minimum target of Nifty at 18154.2 was updated in following line on 17-12-2022 in "Firstly watch sustaining beyond 55-Day SMA for life and length of on going correction amid crashing Global markets":-
Now Wave-c of "abc" correction in on and as per following calculations it is correcting towards its minimum target at 18154.2
As was told 100% same happened and Nifty slipped
below 18154.2 to 18068.6 as well as
closed below it at 18127.35 today.
As storng global cues today morning and resultant firstly 118 up moves after positive opening but good intraday selling yesterday therefore not sustaining at higher and 147 points sharp fall developed in first 25 minutes and after that again more than 100 points down moves were also seen today.
Last more than 5 hours sideways trading between 18069-18180 with lower levels supports and higher levels selling also seen within this range therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations.
Intraday technical positions and according to that trading policy has been updated above but US markets are trading more than 2% down at this moment and all the European markets have also closed in Red with some of them closed more tahn 1% down. As sentiment has turned extremely depressed therefore sustaining below today lowest(18069) or forcefully its broken down will mean deeper correction beginning towards following next supports which should be watched one by one amid crashing Global markets:-
1- 17970-18012
2- 17938-17964
3- 17724-17765
4- 17655-17712