Watch next/last resistance amid
globally crashing Crude oil prices
Nifty-Intra Day Chart Analysis &
Market Outlook(07-07-2022)
Nifty-Intra Day Chart (06-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Sharp fall after positive opening
2- Consolidation between 15859-15903
3- Up moves in Mid-session
4- Consolidation between 15914-15948
5- Up moves in last hour
6- Whole day actual trading between 15801-16011
Conclusions from intra day chart analysis
As Crude oil plummets more than $10 yesterday and traded below $100 also which is most favourable for Indian eeconomy therefore positive opening of Indian markets.
Good selling at higher levels was seen yesterday therefore firstly sharp fall for consolidation and after that up moves developed in Mid-session. As follow up also consolidation developed in Mid-session therefore again up moves were seen in last hour and Nifty closed near the higher levels of the day.
Selling was seen between 15964-16025 yesterday and this range is next/last resistance of on going Pull Back Rally as well as Nifty clossed within it at 15989.80 today with after lower levels good consolidation therefore firstly sustaining beyond 15964-16025 should be watched tomorrow amid globally crashing Crude oil prices.