Rally continuaiton expectations
amid Very Short Term intraday
correction possibility
Nifty-Intra Day Chart Analysis &
Market Outlook(28-06-2024)
Nifty-Intra Day Chart (27-Jun-2024):-
Technical Patterns formation in today intraday charts
1- 76 Points down in first 20 minutes after little positive opening
2- More than one hour Volatility between 23839-23969
3- Up moves with downward corrections
5- Consolidation between 23914-23997
6- Up moves with downward correction
7- Whole day actual trading between 23806-24087
Conclusions from intra day chart analysis
As some selling was also seen at intraday higher levels yesterday therefore firstly Nifty slipped 78 points from intraday higher levels but after that 160 points volatiily was seen in the next more than one hour which means huge change of intraday technical positions. More than last 4 hours consolidation patterns formations were also through sideways trading range once and 2 times Up moves with downward corrections therefore on going rally continuation is expected. As very Short Term indicators have also turned Over bought therefore Very Short Term intraday correction also can not be ruled out therefore firstly sustaining beyond today trading range(23914-23997) should also be watched for the life and length of expected correction.