Next resistances will confirm
the life of on going rally
Nifty-Intra Day Chart Analysis &
Market Outlook(05-07-2022)
Nifty-Intra Day Chart (04-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel
2- Consolidation between 15662-15697
3- Up moves with downward corrections
4- Whole day actual trading between 15662-15852
Conclusions from intra day chart analysis
Although firstly slipping after negative opening and Nifty traded 90 points weaker also but first hour Down moves were in Bullish Falling Channel and lower levels consolidation was seen between 15662-15697 therefore up moves started which remained continued till last half hour. As last 5 hours up moves were with downward corrections and intraday selling patterns were not seen today therefore some up moves above today highest can not be ruled out.
As Very Short indicators have turned Over bought and next resistances are lying just above today highest between 15869-15927 therefore firstly sustaining it beyond should be watched in the coming sessions for the life confirmation of on going rally.