Remain cautious and watch 17245 amid up moves continuation expectations
Nifty-Intra Day Chart Analysis & Market
Outlook(28-12-2021)
Nifty-Intra Day Chart (27-Dec-2021):-
Technical Patterns formation in today intraday charts
1- 104 Points sharp fall in first 7 minutes
2- Whole day up moves with downward corrections
3- Whole day actual trading between 16834-17112
Conclusions from intra day chart analysis
Although 104 points sharp fall in first 7 minutes and traded 170 points down also but after that up moves started which remain continued till last minutes. As last 6 hours up moves were with downward corrections and as such selling patterns were not seen therefore some up moves will remain continued towards next resistances(17245-17332).
As Short Term indicators are just below Overbought zone and next resistances are strong also therefore firstly sustaining above 17245 should be watched for next decisive up moves beginning confirmations and remain cautious also because failing to sustain above it will mean correction beginning towards/below the lowest(16410.20) of on going"ABC" correction.