Rally continuation with continuous new life time top formations after Very Short Term corrections
Nifty-Intra Day Chart Analysis
& Market Outlook(30-06-2023)
Nifty-Intra Day Chart (28-Jun-2023):-
Technical Patterns formation in today intraday charts
1- Up moves with downward corrections after gap up strong opening
2- Short Term correction after new life time top formations
3- Whole day actual trading between 18862-19011
Conclusions from intra day chart analysis
As lower levels good intraday consolidation on 27-06-2023 therefore gap up strong opening was seen next day(28-06-2023) and up moves started with downward corrections hence new life time formations at 19011.25. Sentiment was heated after new life time top formations and Very Short Term indicators had turned Over Bought also therefore Short Term correction was seen in last hours.
Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion confimations at 16828.3 on 20-03-2023 after Nifty moving above the top(18887.6) of Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 and Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation will be understood with recent top formations 19011.25 on 28-06-2023 and its continuation will be seen with new life time high formations after Short to Intermediate Term corrections.
As Very Short Term indicators have turned Over bought therefore Very Short Term corrections may be seen but finally rally will remain continued with continuous new life time top formations.