Crucial levels will confirm next
more than 2% one sided moves
Nifty-Intra Day Chart Analysis &
Market Outlook(12-05-2021)
Nifty-Intra Day Chart (11-May-2021):-
Technical Patterns formation in today intraday charts
1- 50 Points jump in first 15 minutes after gap dpwn opening
2- Selling between 14870-14900
3- Sideways trading between 14824-14856
4- Whole day actual trading between 14772-14900
Conclusions from intra day chart analysis
Although Nifty closed 119 points up near the higher levels of the day yesterday but following lines were told in "Watch lower levels for expected down moves beginning confirmations":-
1- down moves possibilities increased today
2- if more selling develops tomorrow then decisive down moves will be seen below today lowest because selling patterns were seen last Friday also.
As was told yesterday 100% same happened and Nifty slipped firstly 170 points after gap down opening but jumped 50 Points also in first 15 minutes.
Although some selling at higher levels but sideways trading was seen between 14824-14856 in first and last 2 hours which is between last Friday selling range(14820-14863).
As Nifty traded more than 5 hours and closed between 14820-14863 last Friday and today therefore this range has become most crucial and next big moves decider also. Forceful break out or sustaining beyond 14820-14863 should be firstly watched tomorrow for more than 2% one sided moves confirmations.