Finally 19245-19452 will confirm next Short term Trend & remain cautious also
Nifty-Intra Day Chart Analysis &
Market Outlook(31-08-2023)
Nifty-Intra Day Chart (30-Aug-2023):-
Technical Patterns formation in today intraday charts
1- Selling between 19414-19452(immediate Resistances)
2- Sharp fall in last hour
3- Whole day actual trading between 19335-19452
Conclusions from intra day chart analysis
Although Bullish Global cues led strong opening but five hours selling was seen therefore sharp fall developed in last hour and closing was near the lower levels of the day.
As intraday charts of previous sessions were showing good selling patterns formations therefore our view was Bearish and Nifty has closed within 100 points between 19265-19348 in last 4 sessions.
Following levels becomes crucial and next decisive moves decider:-
1- Selling range(19414-19452) of 30-08-2023 which is immediate Resistances.
2- Previous 3 sessions(25-08-2023 to 29-08-2023) trading range(19245-19356) in which selling was also seen.
As sharp fall was also seen yesterday within last 4 sessions trading range(19245-19452) therefore finally sustaining beyond this range should be watched in the coming sessions for next Short term Trend beginning confirmations and remain cautious also because sustaining below 19245 will mean deeper correction beginning.