Sideways trading within today
trading range expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(09-01-2024)
Nifty-Intra Day Chart (08-Jan-2024):-
Technical Patterns formation in today intraday charts
1- Selling between 11715-21763
2- Selling between 11685-11726
3- Selling between 21619-21642
4- Selling between 21570-21606
5- Down moves in Bullish Falling Channel in last hour
6- Whole day actual trading between 21493-21763
Conclusions from intra day
chart analysis
Following lines were told on 06-01-2024 in "Remain cautious & watch supports amid Short to Intermediate Term correction beginning expectations":-
"down moves below last Friday lowest(21629.2)
will be expected in the beginning of next week"
As was told 100% same happened and Nifty moved down 197.80 points as well as closed at 21513.00 today.
Although firstly some up moves after positive opening but fresh selling developed which remained continued whole day with regular down moves. As whole day selling therefore down moves remained till last hour and Nifty closed near the lowest of the day with 0.93% fall.
As Down moves in Bullish Falling Channel in last hour therefore lower levels some consolidation will also be understood and some up moves will be seen in today trading range as well as sideways trading is expected within today trading range(21493-21763).