Watch 16324-16414 amid
Global markets High volatility
Nifty-Intra Day Chart Analysis &
Market Outlook(24-05-2022)
Nifty-Intra Day Chart (23-May-2022):-
Technical Patterns formation in today intraday charts
1- Volatility in first hour
2- Selling between 16324-16414
3- Sharp fall
4- Whole day actual trading between 16186-16414
Conclusions from intra day chart analysis
Following lines were told for 16404 on 14-05-2022 in "Most crucial level will confirm next one sided big moves":-
let nifty to sustain above 5th resistance top(16404) then decisive up moves will be seen
Following lines were told for 16404 on 21-05-2022 in " Levels will confirm next trend amid Geo-Political tension led high volatility":-
1- 15736-16404(For first signal)
Importance of 16404 was told several times in previous Outlooks also and:-
1- Nifty crashed 624 points after forming high at 16399.80 on 18-05-2022
2- Nifty could not sustain above 16404 today also and slipped 228 points after forming top at 16414.70.
Although strong up moves after positive opening but firstly volatility and after that higher levels good selling therefore sharp falls were seen after 01:30 PM.
As Geo-Political tension led high volatility in Global markets and Dow Jones is now trading more than 600 points up therefore firstly sustaining beyond today selling range(16324-16414) should be watched tomorrow for decisive up moves beginning above 16414 and sustaining below 16324 will mean decisive down moves beginning towards 15736.