Firstly intraday correction & if complete consolidation then fresh rally
Nifty-Intra Day Chart Analysis &
Market Outlook(08-06-2023)
Nifty-Intra Day Chart (07-Jun-2023):-
Technical Patterns formation in today intraday charts
1- Consolidation between 18636-18673
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 18636-18738
Conclusions from intra day chart analysis
As firstly more than 3 hours consolidation after gap up strong opening therefore up moves remained continued till last minutes and today closing was at higher levels of the day. Although up moves were seen in last 2 hours but were in Bearish Rising Channel and Very Shott Term indicators have turned Over bought as well therefore firstly intraday correction is expected towards 18673. Let Nifty to sustain above 18673 and complete consolidation develop then fresh rally will be seen above today highest.