Watch next resistances & supports after strong Global cues led rally
Nifty-Intra Day Chart Analysis &
Market Outlook(29-04-2022)
Nifty-Intra Day Chart (28-Apr-2020):-
Technical Patterns formation in today intraday charts
1- Consolidation between 17075-17120
2- Strong up moves
3- Intraday correction in last hour
4- Whole day actual trading between 17072-17322
Conclusions from intra day chart analysis
Sentiment turned strong today morning because all the Asian markets were trading in Green and some were trading with good gains therefore positive opening of Indian markets.
As selling Patterns formation between 17029-17110 yesterday therefore firstly consolidation was seen within this range between 17075-17120 and after that rally started which turned strong because sharp up moves developed in Dow Jones Futures and traded 400 points plus as well as all the European markets opened strong. intraday correction was seen in last hour because Very Short Term indicators turned Overbought after strong intraday rally.
It is clear that whole day today rally was strong Global cues led and firstly sustaining beyond following next resistances(17264-17315) and supports(17075-17120 & 16959-16981) should be watched for one sided decisive moves beginning confirmations.