Watch 17453 for deeper correction
confirmation amid some
up moves possibility
Nifty-Intra Day Chart Analysis &
Market Outlook(23-11-2021)
Nifty-Intra Day Chart (22-Nov-2021):-
Technical Patterns formation in today intraday charts
1- More than 100 points down in first 4 minutes after positive opening
2- Down moves with upward corrections
3- More than 160 points recovery from lower levels in last hour
4- Whole day actual trading between 17281-17805
Conclusions from intra day chart analysis
Following conclusive lines were told on 20-00-2021 in "17453 will confirm deeper correction beginning or correction completion first indication":-
correction continuation is expected towards 17453 in next week more and firstly sustaining it beyond should be watched in next week for:-
1- for deeper correction beginning below it
2- on going correction completion first indication above it.
Following topic of "Maximum target of Nifty at 18793.00" were posted:-
1- On 16-10-2021 we posted this topic- "Remain cautious because maximum target of Nifty is at 18793.00"
2- On 25-09-2021 we posted this topic- "Wave-5 Rally continuation towards its maximum target at 18793"
As was told on 20-11-2021 and 100% same happened today in following manner:-
1- Nifty slipped more than 1300 points from 17613.10
and
2- without moving above 18793.00.
Although Nifty positive opening today but slipped more than 100 points in first 4 minutes and after that continuously down moves remains continued with upward corrections therefore once Nifty traded 484 points down. As Very Short Term indicators turned Oversold and sentiment was extremely depressed therefore 160 points recovery was seen from lower levels in last hour.
Nifty traded between 17281-17444 in last hour and got little supports within it therefore expected Nifty will firstly trade within and near about this range tomorrow. As sentiment Very Short Term indicators are also Oversold therefore some up moves may be seen towards following next resistances:-
1- 17563-17590
2- 17644-17578
3- 17781-17805
As last 33 sessions trading from 01-10-2021 to 18-11-2021 was between 17453-18604 and Nifty forcefully moved below it as well as closed it today therefore it has generated deeper correction strong indication. Once sustaining below 17453 will confirm deeper correction therefore should be firstly watched in the coming sessions amid Oversold indicators led some up moves possibility.