Rally continuations with intraday volatility
Nifty-Intra Day Chart Analysis &
Market Outlook(09-11-2021)
Nifty-Intra Day Chart (08-Nov-2021):-
Technical Patterns formation in today intraday charts
1- Consolidation between 17837-17925
2- Up moves with downward corrections
3- Sideways trading between 18042-18087
4- Whole day actual trading between 17837-18087
Conclusions from intra day chart analysis
As selling was above 17950 on 03-11-2021 therefore firstly more than 2 hours consolidation was seen below it between 17837-17925 and after that decisive up moves were developed which were with downward corrections hence closing was near the top of the day with 0.85% gains.
Last 2 hours sideways trading between 18042-18087 which was near the higher levels of the day and was amid strong rally led heated sentiments also therefore some intraday volatility may be seen near about this range tomorrow because fresh consolidation is required for sustaining above today this range.
Next resistances above today highest are between 18289-18334 and rally will remain continued towards it but with some volatility near about 18042-18087.