Firstly watched 17903-17954 for next
decisive moves beginning confirmations
& if above 17954 then
sharp rally towards 18100
Nifty-Intra Day Chart Analysis & Market
Outlook(15-02-2023)
Nifty-Intra Day Chart (14-Feb-2023):-
Technical Patterns formation in today intraday charts
1- Consolidation between 17801-17864
2- Up moves with downward corrections
3- Sideways trading in Mid session between 17903-17922
4- Sideways trading in last 2 hours between 17923-17954
5- Whole day actual trading between 17801-17954
Conclusions from intra day chart analysis
Af firstly 2 hours consolidation after positive opening therefore up moves were seen with downward corrections which means that with follow up consolidation.
Although today closing was with with 158 points gains but last more than 3 hours trading was sideways between 17903-17954 and Very Short Term indicators have turned Overbought also therefore:-
1- Some profit booking at intraday higher levels can not be ruled out.
and
2- Firstly Nifty will trade and prepare for next decisive moves beginning between 17903-17954 tomorrow.
As finally sustaining beyond 17903-17954 will confirm next decisive moves beginning therefore it should be firstly watched tomorrow. Keep in mind that sustaining above today highest(17954) will mean sharp rally towards 18100.