Deeper correction on cards & remain cautious
Nifty-Intra Day Chart Analysis &
Market Outlook(13-05-2022)
Nifty-Intra Day Chart (12-May-2022):-
Technical Patterns formation in today intraday charts
1- Down moves after huge gap down opening
2- Selling between 15823-15925
3- Volatility in last 2 hours between 15736-15836
4- Whole day actual trading between 15736-16041
Conclusions from intra day chart analysis
As all the Global markets were in crashing mode before the opening of Indian markets therefore firstly down moves were seen after huge gap down opening and fresh selling also developed between 15823-15925 hence new intraday low formations in last hours.
Although volatility in last 2 hours between 15736-15836 and some supports also at lower levels therefore Nifty will firstly trade within this range but huge selling at higher levels and complete consolidation is required for sustaining above 15925.
Supports between 15672-15846 were posted in previous Outlooks and Nifty got supports within this range above 15736 as well as remained volatile in last 2 hours within this range therefore this support range has become most crucial and firstly sustaining beyond this supports range should be watched in the coming sessions.
As 15671.5 is the bottom of on going "ABC" correction and slipping below 15672 will mean deeper correction beginning after its new bottom formation therefore remain cautious because deeper correction is on cards below this level.