Post RBI Credit policy rally requires
confirmations from Levels
Nifty-Intra Day Chart Analysis &
Market Outlook(03-10-2022)
Nifty-Intra Day Chart (30-Sep-2022):-
Technical Patterns formation in today intraday charts
1- Firstly slipping 70 points after weaker opening
2- Sideways trading between 16745-16836 before RBI Credit policy
3- Strong rally after RBI Credit policy
4- Intraday correction in last hours
5- Whole day actual trading between 16745-17187
Conclusions from intra day chart analysis
As I was out of station therefore could not update Weekly Outlook of this week but posting Market Outlook of 03-10-2022.
Although firstly slipping 70 points after weaker opening and traded most time in negative zone before RBI Credit policy announcements beginning but market welcomed Credit policy and after that strong rally was seen. As Very Short Term intraday indicators turned Overbought therefore Intraday correction developed in last hours,
As last Friday rally was RBI Credit policy led and Nifty could not test next gap resistance between 17197-17292 as well as intraday correction was seen from 10 points below it(17187) therefore expected that Nifty will firstly traded within last Friday trading range in the beginning of next week and finally:-
1- Sustaining above 17292 will confirm strong rally beginning.
2- Sustaining below 16745 will confirm next phace of correction beginning.