Firstly watch 17226-17333 for deeper
coorection beginning confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(05-08-2022)
Nifty-Intra Day Chart (Aug 01 to Aug 04,2022):-
Technical Patterns formation in last 4 Sessions intraday charts
1- Selling between 17412-17490 on 04-08-2022
2- Most time trading in last 4 Sessions between 17226-17333
3- Last 4 Sessions actual trading between 17226-17490
Conclusions from 4 Sessions
intra day chart analysis
Wave-A which begun from 15183.4 on 17-06-2022 is in continuation with recent top formations at 17490.70 on 04-08-2022 and no confirmation of its completion yet.
On going rally has been slowed down and closing of last 4 sessions of this week was within 48 points between 17340-17388 as well as most time trading in these last 4 Sessions was also between 17226-17333.
As selling between 17412-17490 on 04-08-2022 therefore it will be immediate resistance of Nifty and firstly sustaining below last 4 Sessions most time trading range(17226-17333) should be watched in the coming sessions for deeper coorection beginning confirmations after Short Term indicators turning Overbought also.