Watch 17511-17548 for rally continuation or correction beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(10-08-2022)
Nifty-Intra Day Chart (08-Aug-2022):-
Technical Patterns formation in today intraday charts
1- Down moves after positive opening
2- Up moves with downward corrections
3- Selling between 17511-17548
4- Whole day actual trading between 17360-17548
Conclusions from intra day chart analysis
Although firstly down moves after positive opening but up moves started with downward corrections therefore last Monday closing was with 0.73% gains.
As higher levels sellling was also seen between 17511-17548 therefore fresh consolidation is firstly required for rally continuation after sustaining above 17548. Remain cautious also because fresh selling and sustaining below 17511 will mean first signal of Short to Intermediate Term correction emerging after EOD and Weekly indicators turning over bought.
Firstly sustaining beyond 17511-17548 should be watched tomorrow for rally continuation or emergence of Short to Intermediate Term correction beginning possibility.