Sustaining above last resistances will
confirm fresh strong rally beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(01-11-2022)
Nifty-Intra Day Chart (31-Oct-2022):-
Technical Patterns formation in today intraday charts
1- Up moves after strong opening
2- More than 5 hours sideways trading between 17938-17989
3- Sharp up moves in last half hour
4- Whole day actual trading between 17900-18022
Conclusions from intra day chart analysis
As firstly up moves after strong opening and after that pure selling was not seen and some consolidation also developed in more than 5 hours sideways trading between 17938-17989 therefore sharp up moves in last half hour and resultant today closing was near the higher levels of the day.
Last resistances of previous 60 Sessions trading range( 16748-18096) are between 18044-18091 and today highest was just below it at 18022.80 as well as more consolidation is reuqired for next strong rally beginning after sustaining above 18096 therefore it should be firstly watched in the coming sessions for fresh strong rally beginning confirmations.