19616-19825 will confirm next
short term trend
Nifty-Intra Day Chart Analysis &
Market Outlook(27-07-2023)
Nifty-Intra Day Chart (26-Jul-2023):-
Technical Patterns formation in today intraday charts
1- Sharp up after gap up opening
2- Selling between 19795-19825
3- Sharp down in last hour
4- Whole day actual trading between 19717-19825
Conclusions from intra day chart analysis
Although firstly sharp up moves after gap up opening but higher levels good intraday selling developed therefore sharp down moves were seen in last hour and Nifty closed today within yesterday mentioned resistance range(19748-19782) at 19778.30.
Previous resistance range was between 19793-19821 and fresh selling was seen within and near about this range today therefore this resistance range has become stronger and until complete consolidation will not develop till then decisive up moves will not be seen above 19825.
As both higher levels selling and lower levels buying has been seen between 19616-19825 in the last 4 sessions therefore expected that Nifty will trade and prepare for next short term trend within this range as well as finally sustaining it beyond will confirm it hence should be firstly watched in the coming sessions.