Firstly rally continuation amid big intraday correction possibility
Nifty-Intra Day Chart Analysis &
Market Outlook(05-04-2022)
Nifty-Intra Day Chart (04-Apr-2020):-
Technical Patterns formation in today intraday charts
1- Sharp up after gap up opening
2- Down moves in Bullish Falling Channel upto 17895
3- Up moves with downward corrections
4- Whole day actual trading between 17792-18114
Conclusions from intra day chart analysis
Following conclusive lines were told on 02-04-2022 in " Firstly rally continuation and finally 17436-18351 will confirm next big moves":-
1- Pull Back Rally continuation towards next psychological level at 18000.
2- Firstly rally continuation expectations in next week
As was told 100% same happened and Rally remained continued above 18000 as well as closed above it today.
Firstly sharp up moves after gap up opening and after that higher levels good consolidation also through Down moves in Bullish Falling Channel up to 17895 as well as up moves with downward corrections therefore whole day good consolidation will be understood and on going rally will remain continued.
As sentiment has turned extremely heated and Very Short Term indicators have also moved into Overbought zone therefore big intraday correction may also be seen but until Nifty will not sustain below 17895 till then decisive moves will not be seen because good consolidation was seen above it today.