Watch 19406 & 19608 amid firstly
up moves expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(25-10-2023)
Nifty-Intra Day Chart (23-Oct-2023):-
Technical Patterns formation in today intraday charts
1- Selling in first hour between 19525-19556
2- Sharp fall
3- Selling in Mid-Session between 19406-19489
4- 169 Points sharp fall in last hour
5- Whole day actual trading between 19258-19556
Conclusions from intra day chart analysis
Following lines were told on 21-10-2023 in "Watch Levels for next trend confirmations amid escalating Israel-Hamas war":-
"firstly down moves are expected
towards above mentioned supports in the
beginning of next week."
As was told 100% same happened
and
"Nifty closed 260 points down today"
Conclusions from intra day chart analysis
As firstly selling in first hour therefore sharp fall was seen after that and follow up good selling in Mid-Session also hence 169 points sharp fall developed in last hour.
Following 2 crucial levels have been broken down during today crash:-
1- Previous 20 Sessions trading range 19333-19849 broken down and Nifty closed below it at 19281.75 today.
2- Nifty closed well below Intermediate Term trend decider 55-Day SMA(today at 19608).
As Indian markets today crash was due to Geo-Political rising tension and Global markets weakness led therefore sustaining below above mentioned 2 levels should be firstly watched in the coming sessions for decisive down moves beginning confirmations.
Although such crashing market today but very Short Term indicators have turned Oversold also therefore firstly up moves are expected towards 19406 in the coming sessions but decisive up moves will be seen only after sustaining above 55-Day SMA(today at 19608).