Sustaining beyond 19297-19537 will
confirm the life of on going correction
Nifty-Intra Day Chart Analysis &
Market Outlook(04-08-2023)
Nifty-Intra Day Chart (03-Aug-2023):-
Technical Patterns formation in today intraday charts
1- Almost 3 hours selling between 19472-19537
2- Down moves in Mid-session
3- 2 Hours consolidation between 19297-19365
4- Sharp up in last hour
5- Whole day actual trading between 19297-19537
Conclusions from intra day chart analysis
Although firstly up moves after negative opening but almost 3 hours selling between 19472-19537 therefore down moves were seen in Mid-session. As 2 hours lower levels consolidation also therefore sharp up in last hour and closing was after 85 points recovery from today lowest.
As both lower levels consolidation and higher levels selling between 19297-19537 today therefore firstly Nifty will have trade and prepare for the life of on going correction within this range and finally sustaining it beyond will confirm it hence should be firstly watched in the coming sessions.