Firstly watch 17525-17620 &
sustaining above 17620 will confirm
strong Pull Back Rally beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(24-02-2023)
Nifty-Intra Day Chart (23-Feb-2023):-
Technical Patterns formation in today intraday charts
1- 119 Points sharp fall in first half hour after positive opening
2- Sharp up moves
3- 164 Points up moves in 40 minutes
4- More than 5 hours sideways trading between 17525-17620
5- Sharp down
6- Whole day actual trading between 17456-17620
Conclusions from intra day chart analysis
Although positive opening today but after that 119 Points sharp fall in first half hour and immediately after that sharp up moves were also seen.
As firstly 164 points up moves in 40 minutes from intraday lower levels and after that more than 5 hours sideways trading between 17525-17620 and Nifty traded within this range between 17530-17591 in last 2 hours yesterday also therefore today sideways trading range has become crucial because Nifty traded more than 7 hours within it in last 2 sessions.
Although sharp fall was seen in last half hour today and today closing was below 17525 at 17511.25 but firstly sustaining beyond Crucial range(17525-17620) should be watched in the coming 1/2 sessions for the life and length of on going correction. As Short Term indicators have turned Oversold also therefore if finally Nifty sustains above 17620 then that will confirm strong Pull Back Rally beginning in the coming week.