Down moves towards next supports
Nifty-Intra Day Chart Analysis &
Market Outlook(17-05-2023)
Nifty-Intra Day Chart (16-May-2023):-
Technical Patterns formation in today intraday charts
1- More than 5 hours selling between 18340-18432
2- Down moves in last hour
3- Whole day actual trading between 18265-18432
Conclusions from intra day chart analysis
Following lines were told yesterday in "Down Moves expectations below today lowest":-
down moves are expected below today
lowest(18288) in the coming sessions.
As was told 100% same happened and:-
1- Nifty closed 112 Points down today
2- Down moves were seen below yesterday lowest(18288) and today lowest formations was at 18264.35.
Although positive opening today but selling developed which remained continued more than 5 hours therefore down moves were seen in last hour and today closing was near the lower levels of the day. As whole day good intraday selling today therefore more down moves are expected below today lowest and towards next supports between 18144-18206.