Today lowest will confirm
deeper correction
Nifty-Intra Day Chart Analysis & Market
Outlook(17-06-2021)
Nifty-Intra Day Chart (16-Jun-2021):-
Technical Patterns formation in today intraday charts
1- Volatility in first hour
2- Down moves in Bullish Falling Channel
3- Consolidation between 15773-15798
4- Up moves in Bearish Rising Channel
5- Sharp fall in last hour
6- Whole day actual trading between 15743-15880
Conclusions from intra day chart analysis
As Down moves in Bullish Falling Channel after first hour volatility and more than one hour consolidation between 15773-15798 therefore more than 2 hours up moves were seen in Mid-session but these up moves in Bearish Rising Channel hence sharp fall in last hour.
Although today closing was near the lowest of the day but some consolidation was also seen today therefore sustaining below today lowest(15743) should be watched tmorrow for deeper correction confirmations.