Finally up moves after fresh consolidation
Nifty-Intra Day Chart Analysis &
Market Outlook(28-09-2023)
Nifty-Intra Day Chart (27-Sep-2023):-
Technical Patterns formation in today intraday charts
1- Down moves in first 2 hours after negative opening
2- Consolidation between 19555-19583
3- Up moves with downward corrections
4- Up moves in Bearish Rising Channel
5- Whole day actual trading between 19555-19730
Conclusions from intra day chart analysis
Following lines were told at 02:15 AM on 27-11-2023 in "Firstly watch sustaining beyond 19600 under Global markets depressed sentiments":-
1- firstly sustaining beyond 19600 should be watched tomorrow
2- finally up moves are expected above day's highest(19699).
As was told 100% same happened and;-
1- Firstly Nifty slipped below 19600.
2- Finally Nifty moved above yesterday highest(19699) and closed at 19,716.45.
Although firstly Down moves in first 2 hours after
negative opening and Nifty fell sharply below 19600
also but lower levels good intraday consolidation developed therefore up moves started which remained continued till last minutes.
As last hour up moves were in Bearish Rising Channel therefore higher levels some selling also can not be ruled out and expected that Nifty will firstly trade within day's trading range but finally up moves are expected above day's highest in the coming sessions which means that up moves will remain continued after fresh consolidation within day's trading range(19555-19730).