Next resistance at 16304 will confirm
rally towards and above 16404
Nifty-Intra Day Chart Analysis &
Market Outlook(18-05-2022)
Nifty-Intra Day Chart (17-May-2022):-
Technical Patterns formation in today intraday charts
1- Consolidation between 15921-15969
2- Sharp up moves
3- UP moves with downward corrections
4- Whole day actual trading between 15901-16284
Conclusions from intra day chart analysis
As consolidation was seen immediate after positive opening therefore firstly sharp up moves developed which remained continued whole day with downward corrections hence today closing was at the top of the day.
Following next resistances were posted on 14-05-2022 in " Most crucial level will confirm next one sided big moves":-
1- 16256-16304
2- 16335-16404
Today highest and closing(16259.30) was within above mentioned 1st resistance range and Very Short term indicators have turned Over bought also after strong intraday rally today therefore firstly Nifty will have to consolidate within and near about 1st resistance range. Firstly let it happen then sustaining above 1st resistance(16304) should be watched tomorrow for rally continuation confirmations towards and above 16404.