Short Term correction beginning
expectations after follow up selling
Nifty-Intra Day Chart Analysis &
Market Outlook(20-10-2022)
Nifty-Intra Day Chart (19-Oct-2022):-
Technical Patterns formation in today intraday charts
1- Up moves in Bearish Rising Channel
2- Down moves with upward corrections
3- Volatility in last 2 hours between 17473-17556
4- Whole day actual trading between 17473-17607
Conclusions from intra day chart analysis
Although firstly up moves after strong opening but Up moves were in Bearish Rising Channel and after that Down moves were with upward corrections therefore good intraday selling will be understood in first 4 hours. As volatility in last 2 hours between 17473-17556 and technical positions changes also during such volatility therefore expected that Nifty will firstly trade within and near about this volatility range.
As Very Short Term indicators have turned Overbought and intraday selling was seen in first 4 hours also today therefore follow up selling tomorrow will mean Short Term correction beginning of that rally which begun from 16247.7 on 30-09-2022 and it is expected also.