Remain cautious amid Short Term correction beginning possibility
Nifty-Intra Day Chart Analysis &
Market Outlook(05-05-2023)
Nifty-Intra Day Chart (04-May-2023):-
Technical Patterns formation in today intraday charts
1- More than 5 hours up moves after negative opening
2- Sharp up in last hours
3- Whole day actual trading between 18067-18267
Conclusions from intra day chart analysis
Although firstly slipping after negative opening but up moves started which remain continued more than 5 hours and sharp up moves were also seen in last hours therefore today closing was near the higher levels of the day with 0.92% gains.
As Short Term indicators have turned Over bought therefore Short Term correction is very much due which may begin any day but intraday selling patterns were not seen today therefore let it develop then will start hence remain cautious also.