Short Term correction below today lowest
Nifty-Intra Day Chart Analysis &
Market Outlook(05-07-2023)
Nifty-Intra Day Chart (04-Jul-2023):-
Technical Patterns formation in today intraday charts
1- Sharp fall in first hour and trading 22 points down after 84 points gap up strong opening.
2- Up moves with downward corrections
3- Selling between 19379-19434 in last more than 3 hours
4- Whole day actual trading between 19300-19434
Conclusions from intra day chart analysis
Although 84 points gap up strong opening but higher levels good intraday selling was seen in previous trading session therefore fresh consolidation was firstly required hence sharp fall developed in first hour and Nifty traded 22 points down also. As lower levels fresh consolidation through up moves with downward corrections therefore up moves started which remained continued till 01:30 PM but higher levels selling selling was also seen between 19379-19434 in last more than 3 hours therefore Short Term correction below today lowest(19300) is expected.