Down moves below last
2 sessions lowest
Nifty-Intra Day Chart Analysis &
Market Outlook(29-08-2024)
Nifty-Intra Day Chart (28-Aug-2024):-
Technical Patterns formation in today intraday charts
1- Down moves after positive opening
2- Consolidation between 24971-25033
3- Sharp up
4- Selling between 25084-25129
5- Down moves in last hour
6- Whole day actual trading between 24965-25129
Conclusions from intra day chart analysis
Although positive opening today morning but firstly down moves were seen and Nifty traded 52 points down also below 25000 because intraday selling was seen between 25039-25070 yesterday. As lower levels consolidation developed in first 2 hours therefore sharp up moves were seen after that but more than 3 hours higher levels selling was also seen therefore down moves developed in last hour.
As intraday charts of today are showing both lower levels consolidation and higher levels selling also therefore whole day today trading will be understood with mixed Patterns formation between 24971-25129 hence expected that Nifty will firstly trade and prepare for next decisive moves beginning within and near about this range. Although positive opening today but higher levels more intraday selling was seen today and higher levels selling developed yesterday also therefore expected that down moves will be seen and finally Nifty will slip below last 2 sessions lowest(24965) in the coming sessions.