Fresh selling will mean correction towards next supports
Nifty-Intra Day Chart Analysis &
Market Outlook(17-02-2021)
Nifty-Intra Day Chart (16-Feb-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 15388-15431
2- Selling between 15335-15367
3- Down moves in Bullish Falling Channels
4- Sideways trading between 15298-15324
5- Whole day actual trading between 15243-15431
Conclusions from intra day chart analysis
Following lines were told yesterday in "Rally continuation":-
1- rally continuation will be seen and
2- until Nifty will not sustain below 15267 after complete selling patterns till then any correction will not be seen.
As was told 100% same happened and and:-
1- Rally gained 117 points in first 20 minutes today.
2- Nifty could not sustain below 15267 and moved up 88 points after lowest formation at 15242.20
Although sharp up after gap up opening but good selling at higher levels therefore down moves remains continued till 02:00 pm. As negative zone down moves were in Bullish Falling Channels therefore lower levels supports developed hence 88 points recovery from lower levels and flat closing after last hour sideways trading between 15298-15324.
Whole day sideways trading was between 15267-15325 yesterday and today lower levels supports plus last hour sideways trading was also within this range therefore this range has become crucial for next decisive moves confirmations.
As good selling above 15325 today therefore if fresh selling develops between and near about 15243-15325 in the coming sessions then decisive down moves will be seen towars following next supports and its confirmation will be valid break down of 15243:-
1- 15106-15135
2- 15007-15065