Sustaining beyond 23600-23701
will confirm next intraday
decisive moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(31-12-2024)
Nifty-Intra Day Chart (30-Dec-2024):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel
2- Up moves with downward corrections
3- 2 Times sharp up moves
4- Selling between 23846-23915
5- 2 Times sharp down moves
6- Mixed Patterns formation between 23600-23701
7- Whole day actual trading between 23600-23915
Conclusions from intra day chart analysis
Although firstly down moves after negative opening and Nifty traded 101 points down also but these down moves were in Bullish Falling Channel which is a consolidation pattern therefore upward moves started. As these up moves were with downward corrections which is also a consolidation pattern therefore 2 times sharp up moves were seen and Nifty recovered all intraday loss and traded 100 points up also.
As higher levels selling developed and intraday selling was seen in previous sessions also above today highest therefore 2 times sharp down moves developed and Nifty closed near the lowest of the day after loosing all intraday gains. As Mixed Patterns formation in last 2 hours between 23600-23701 therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations.