More up moves with only Very
Short term correction possibility
Nifty-Intra Day Chart Analysis &
Market Outlook(19-07-2024)
Nifty-Intra Day Chart (18-Jul-2024):-
Technical Patterns formation in today intraday charts
1- Volatility in first 2 hours between 24505-24679
2- Last 4 hours up moves with downward corrections
3- Whole day actual trading between 24505-24837
Conclusions from intra day chart analysis
As intraday selling was seen yesterday therefore following lines were told at 02:03 AM on 18-07-2024 in "Watch next Supports amid firstly down moves expectations":-
"finally sustaining beyond next supports(24539-24564) should be watched for next decisive moves beginning confirmations amid firstly down moves"
As intraday selling yesterday and Nifty was not prepared for immediate up moves therefore firstly high volatility was seen in first 2 hours between 24505-24679 today and Nifty got supports near about yesterday mentioned next supports(24539-24564).
Although Nifty traded 108 points down in first 2 hours but got supports near about next supports and after that up moves begun with downward corrections which remained continued till next 4 hours and Nifty closed with 0.76% gains. As only intraday consolidation patterns and selling patterns were not seen therefore more up moves are expected and only Very Short term correction possibility can not be ruled out because Very Short Term indicators have turned Overbought.