Sustaining above 17062 will confirm
strong Pull Back rally beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(17-03-2023)
Nifty-Intra Day Chart (16-Mar-2023):-
Technical Patterns formation in today intraday charts
1- 144 Points down in first 52 minutes after positive opening
2- Consolidation between 16851-16895
3- Up moves with downward corrections
4- Down moves in Bullish Falling Channel
5- Consolidation between 16914-16969
6- Sharp up
7- Selling between 17024-17062
8- Sharp down
9- Consolidation between 16955-16986
10- Whole day actual trading between 16851-17062
Conclusions from intra day chart analysis
Although positive opening and firstly 144 points down moves were seen in first 52 minutes but whole day good intraday consolidation was seen in following manner:-
1- 3 Times consolidation in sideways trading range.
2- Consolidation through Up moves with downward corrections.
3- Consolidation through Down moves in Bullish Falling Channel.
Next supports between 16760-16855 was posted yesterday in "Watch next supports amid crashing Global markets". Nifty got supports within this range and consolidated just above it also between 16851-16895 therefore up moves are expected tomorrow.
As some selling was also seen at higher levels between 17024-17062 therefore fresh consolidation and sustaining above 17062 will confirm strong Pull Back rally beginning.