Rally continuation and correction only after Fresh selling patterns formations
Nifty-Intra Day Chart Analysis &
Market Outlook(05-01-2022)
Nifty-Intra Day Chart (04-Jan-2022):-
Technical Patterns formation in today intraday charts
1- Sharp fall after gap up opening
2- Down moves in Bullish Falling Channels
3- Strong up moves in last hours
4- Whole day actual trading between 17594-17827
Conclusions from intra day chart analysis
As US markets closed with good gains yesterday therefore most Asian markets were also trading strong hence gap up opening of Indian markets but firstly 85 Points fall was seen in first half hour but immediate after that Nifty jumped more tha 100 points from lower levels.
Consolidation developed in Mid-session through Down moves in Bullish Falling Channels therefore strong up moves in last hour were seen in last hour.
Although Short term indicators have turned Over bought but intraday charts have not shown selling patterns yet therefore some more up moves can not be ruled. Let selling patterns develop then correction will be considered and since then rally continuation will be expected.