Sustaining above strong supports
between 17724-17893 will mean
sharp rally
Nifty-Intra Day Chart Analysis &
Market Outlook(17-01-2023)
Nifty-Intra Day Chart (16-Jan-2023):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channels
2- Supports in last 2 hours between 17854-17893
3- Whole day actual trading between 17854-18049
Conclusions from intra day chart analysis
Although firstly up moves after gap up opening and Nifty traded 93 points up also but down moves started which remained continued till 2 PM today. As most of the down moves were in Bullish Falling Channels and lower levels supports were also seen in last 2 hours therefore view will not be Bearish despite 61 points negative closing after slipping 154 points higher levels because:-
1- Consolidation below today lowest in last 2 sessions of previous week between 17762-17851.
2- Next supports below above supports are between 17724-17761.
As strong supports have emerged between 17724-17893 therefore sustaining above this range will mean sharp rally which should be firstly watched in the coming sessions and until Nifty will not sustain below 17724 till the decisive down moves will not be seen.