16943-17264 will confirm
Long Term trend & next big moves
Nifty-Intra Day Charts Analysis &
Market Outlook(28-09-2022)
Nifty-Intra Day Chart (Sep 26 & Sep 27,2022):-
Technical Patterns formation in last 2 Sessions intraday charts
1- Sharp fall after gap down opening on 26-09-2022
2- Consolidation between 16979-17059 on 26-09-2022
3- Selling between 17120-17165 on 26-09-2022
4- Sharp fall in last hour on 26-09-2022
5- Selling between 17118-17170 on 27-09-2022
6- Consolidation between 16943-17048 on 27-09-2022
7- Selling between 17063-17116 on 27-09-2022
8- Consolidation between 16968-17028 on 27-09-2022
9- Last 2 Sessions actual trading between 16943-17196
Conclusions from 2 Sessions
intra day chart analysis
First 2 following supports were posted on 24-09-2022 in "Watch supports amid high possibility of deeper correction beginning":-
1- 17038-17097
2- 16948-17018(Gap support)
Positions of Intermediate and Long Term averages are as follows:-
1- 55-Day SMA is today at 17264
2- 200-Day SMA is today at 16990
Last 37 Sessions and 19 sessions like big trading range lowest(17167) was forcefully broken down yesterday therefore it is strong indication of deeper correction beginning.
As Nifty traded in last 2 sessions with higher levels selling and lower levels supports also between 16943-17196 and this range was within and near about above mentioned supports and Intermediate/Long Term averages therefore sustaining beyond 16943-17264 should be firstly watched in the coming sessions for Long Term trend and next big moves confirmations.