Finally immediate resistance will confirm next intraday decisive moves
Nifty-Intra Day Chart Analysis &
Market Outlook(23-02-2024)
Nifty-Intra Day Chart (22-Feb-2024):-
Technical Patterns formation in today intraday charts
1- Minor selling in first hour between 22044-22067
2- Sharp fall
3- More than 3 hours consolidation between 21876-21984
4- Up moves
5- Down moves in Bullish Falling Channel
6- Up moves
7- Up moves in Bearish Rising Channel
8- Whole day actual trading between 21876-22252
Conclusions from intra day chart analysis
As higher levels good intraday selling yesterday and little selling in first hour also today therefore sharp fall was seen in first hour and Nifty slipped 206 points in first 2 hours. Although such weakness but lower levels more than 3 hours consolidation therefore up moves started which remained continued till last Minutes. As last half hour up moves were in Bearish Rising Channel which is a signal of higher levels some selling also therefore expected that Nifty will firstly trade within and near about immediate resistance range(22202-22249) tomorrow and finally sustaining it beyond will confirm next intraday decisive moves.