Finally sustaining beyond 16840-17205
will confirm next one sided big moves
Nifty-Intra Day Chart Analysis &
Market Outlook(28-03-2023)
Nifty-Intra Day Chart (27-Mar-2023):-
Technical Patterns formation in today intraday charts
1- Down moves after positive opening
2- Higher levels 3 times selling
3- Lower levels 3 times consolidation
4- Whole day actual trading between 16919-17091
Conclusions from intra day chart analysis
Following lines were told on 25-03-2023 in "Firstly watch most crucial supports amid USA Banks failing news led crashing Global markets":-
1- up mones will be seen in the beginning of next week
2- but until Nifty will not sustain above last Friday highest after fresh consolidation till then decisive up moves will not be seen in next week because good intraday selling was below it between 17024-17097 last Friday.
As was told 100% same happened and:-
1- Nifty traded 145 points up today
2- Nifty could not move above last Friday highest which was at 17109.5
3- Nifty could not move above last Friday selling range(17024-17097) and closed below it at 16985.70 after today highest formation within it at 17091.00.
Although positive opening today but firstly down moves were seen and Nifty traded in negative zone also. As whole day today trading was with higher levels 3 times selling and lower levels 3 times consolidation therefore whole day today trading will be understood with Mixed Patterns formations.
As all the immediate supports and resistances beyond today trading range are between 16840-17205 and Nifty will firstly trade as well as prepare for next one sided big moves within this range therefore finally sustaining beyond this range should be watched in the coming sessions for its beginning confirmations.