Sustaining above 17783 will confirm
sharp up moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(07-02-2023)
Nifty-Intra Day Chart (06-Feb-2023):-
Technical Patterns formation in today intraday charts
1- 137 Points sharp fall in first 20 minutes after weaker opening.
2- Selling between 17769-17802
3- Sharp fall
4- Consolidation Patterns indications in last 5 hours between 17699-17783
5- Whole day actual trading between 17699-17823
Conclusions from intra day
chart analysis
As higher levels selling last friday therefore firstly 137 Points sharp fall was seen in first 20 minutes after weaker opening and fresh selling developed after intraday recovery from lower levels hence sharp fall was seen again.
Although whole day negative zone trading and today closing was 89.45 down also but consolidation Patterns indications were seen in the last 5 hours between 17699-17783. If fresh consolidation develops tomorrow then sharp up moves will be seen above today highest. Finally sustaining above 17783 should be watched in the coming sessions for such sharp up moves beginning confirmations.