Remain cautious and watch
sustaining beyond 18000
Nifty-Intra Day Chart Analysis &
Market Outlook(06-01-2022)
Nifty-Intra Day Chart (05-Jan-2022):-
Technical Patterns formation in today intraday charts
1- 70 Points sharp fall after positive opening
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Downward corrections
5- Whole day actual trading between 17748-17944
Conclusions from intra day chart analysis
Although positive opening but immediately after that 70 points sharp fall was also seen. As equally sharp recovery also from lower levels and after that consolidation through Down moves in Bullish Falling Channel therefore rally remained continued till last minutes.
As some selling was also seen through Up moves in Bearish Rising Channel therefore view will be cautious despite continuous consolidation was also seen through downward corrections.
Short Term indicators have turned completely Overbought and intraday selling patterns were also seen today therefore if fresh selling develops tomorrow then correction of on going Pull Back rally will begin hence remain cautious and firstly watch sustaining beyond next psychological level of 18000 in the coming sessions.