Today trading range will confirm next decisive moves
Nifty-Intra Day Chart Analysis &
Market Outlook(20-10-2021)
Nifty-Intra Day Chart (19-Oct-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 18556-18604
2- Up moves in Bearish Rising Channel
3- Selling between 18548-18590
4- Sharp fall
5- Whole day actual trading between 18377-18604
Conclusions from intra day chart analysis
Although firstly strong up moves after gap up opening but selling developed therefore sharp fall was seen in first hour. Strong recovery from lower levels but Up moves were in Bearish Rising Channel and again good selling was seen at higher levels hence sharp fall was seen in last hours also.
As good selling between 18548-18604 today therefore this range will be immediate resistance of Nifty and until Nifty will not sustain above it till then decisive up moves will not be seen and fresh selling tomorrow will mean fresh down moves towards 18000.
Sustaining beyond today trading range should be firstly watched tomorrow for next decisive moves confirmations