Watch next supports for the length
of expected down moves
Nifty-Intra Day Chart Analysis &
Market Outlook(08-03-2023)
Nifty-Intra Day Chart (06-Mar-2023):-
Technical Patterns formation in today intraday charts
1- 119 Points up moves after strong opening
2- Down moves with upward corrections
3- Whole day actual trading between 17672-17799
Conclusions from intra day chart analysis
Although firstly 119 points up moves after strong opening but higher levels selling developed therefore Down moves started with upward corrections till last hour and Nifty closed after 88 points slipping from higher levels as well as Bearish "Shooting Star" Candle formation was seen last Monday.
Nifty closed after gaining 0.67% points on 06-03-2023 but higher levels good intraday selling was seen therefore some more down moves will be seen and until complete fresh consolidation will not develop till then decisive up moves will not be seen above last Monday highest(17799).
Expected that firstly some down moves will be seen towards next supports(17536-17577) and firstly sustaining it beyond should be watched in the coming sessions for the length of expected down moves.