Firstly watch sustaining above today
highest for next up moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(06-12-2023)
Nifty-Intra Day Chart (05-Dec-2023):-
Technical Patterns formation in today intraday charts
1- 93 Points fall in first 9 minutes after gap up strong opening.
2- Up moves with downward corrections
3- Selling between 20815-20848
4- Sharp down
5- Up moves with selling and intraday corrections
6- Up moves in Bearish Rising Channel
7- Whole day actual trading between 20712-20864
Conclusions from intra day chart analysis
Although gap up strong opening but 93 points fall in first 9 minutes which indicated first signal of selling beginning. As fresh selling developed after Up moves with downward corrections therefore sharp fall was seen after that. Last more than 3 hours up moves were with selling,intraday corrections and Up moves in Bearish Rising Channel therefore clear intraday selling pattern will be understood today.
As Nifty has to trade and consolidate within and near about today trading range for fresh up moves beginning as well as sustaining above today highest will confirm it therefore should be firstly watched tomorrow for next up moves beginning.