Firstly watch 16481 for Short Term
Correction beginning confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(20-08-2021)
Nifty-Intra Day Chart (18-Aug-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 16661-16701
2- Down moves in Bullish Falling Channels
3- Whole day actual trading between 16536-16701
Conclusions from intra day
chart analysis
Although higher levels selling after positive opening but lower levels consolidation was also seen in last 3 hours through Down moves in Bullish Falling Channels.
Nifty traded between 16481-16589 on on 16-08-2021
Nifty traded between 16496-16628 on on 17-08-2021
Nifty traded between 16536-16701 on on 18-08-2021
Although higher bottom and higher top formations in last 3 sessions but last Wednesday closing(16568.85) was within all the last 3 sessions trading range because both intraday buying and selling was seen in last 3 sessions.
As all the Global markets are down today therefore SGX Nifty traded more then 300 points. As lower levels consolidation was seen in last 3 sessions therefore sustaining below last 3 sessions lowest(16481) should be firstly watched in the coming sessions for Short Term correction beginning confirmations amid Global markets led depressed sentiments.