Rally continuation expectations
towards & above 18100
Nifty-Intra Day Chart Analysis &
Market Outlook(16-02-2023)
Nifty-Intra Day Chart (15-Feb-2023):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel after negative opening
2- Sharp up
3- More than 4 hours consolidation between 17903-17956
4- Sharp up moves in last hour
5- Whole day actual trading between 17854-18034
Conclusions from intra day chart analysis
Following lines were told at 01:06 AM today in "Firstly watched 17903-17954 for next decisive moves beginning confirmations & if above 17954 then sharp rally towards 18100":-
1- Some profit booking at intraday higher levels can not be ruled out.
and
2- Firstly Nifty will trade and prepare for next decisive moves beginning between 17903-17954 tomorrow.
As was told 100% same happened and:-
1- As higher levels profit booking yesterday therefore firstly 76 points down moves were seen today
2- Nifty traded and consolidated more than 4 hours exactly within yesterday mentioned trading range(17903-17954) today between 17903-17956 today.
Although negative opening but firstly down moves were seen in Bullish Falling Channel therefore sharp up moves were seen after that. As more than 4 hours consolidation in Mid-session also between 17903-17956 therefore once again sharp up moves were seen in last hour and Nifty closed near the higher levels of the day.
Last 14 sessions trading range(17354-17972) of Nifty was broken out today and Nifty closed above it also therefore firstly sustaining above 17972 should be watched in the coming sessions for decisive up moves beginning towards and above following next resistances:-
1- 18109-18132
2- 18155-18192
3- 18216-18240
Although previous 24 sessions sideways trading range(17762-18265) was broken down on 27-01-2023 but Nifty closed well above levels within it today therefore firstly above mentioned resistances should be watched. As once sustaining above 18265 will means strong rally beginning towards and above life time highest therefore finally it should be watched in the coming sessions/weeks.
As only intraday consolidation patterns formations and selling patterns were not seen today therefore rally continuation is expected towards and above 18100. Finally sustaining beyond above mentioned crucials levels should be watched in the coming highest for first strong indication of fresh rally beginning towards and above life time highest if sustains above 18240.