Pull Back rally only after stopping of
Global markets crashing
Nifty-Intra Day Chart Analysis &
Market Outlook(17-06-2022)
Nifty-Intra Day Chart (16-Jun-2022):-
Technical Patterns formation in today intraday charts
1- Whole day crashing after gap up strong opening
2- Whole day actual trading between 15335-15863
Conclusions from intra day chart analysis
Following conclusive lines were told on 11-06-2022 in "Watch level for deeper correction beginning confirmations amid crashing Global markets ":-
As finally slipping below 15671.5 will mean recounting of corrective "ABC" waves structure therefore firstly it should be watched in the coming weeks for deeper correction beginning confirmations amid crashing Global markets.
As was cautioned 100% same happened and Nifty crashed today after slipping below 15671.5
Although firstly gap up strong opening but good intraday selling developed in last 3 sessions therefore not sustaining at higher levels and the down moves which started immediately after opening remained continued till last minutes. Lowest of previous more than 7 months old "ABC" correction was at 15671.5 and today lowest of Nifty was at 15335.10 as well as 2.11% negative closing was at 15360.60.
As previous more than 7 months old correction range(15671.5-18604.50) was forcefully broken down today therefore correction will remain continued and only a Pull Back rally will be considered because very Short Term indicators have turned Oversold but will be only after stopping of Global markets crashing which is due to Russian-Ukraine war led Geo-Political high tension and economic crisis.