Watch levels for first strong signal & final confirmations of next trend formations with big moves beginning confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(08-02-2024)
Nifty-Intra Day Chart (07-Feb-2024):-
Technical Patterns formation in today intraday charts
1- Down moves with upward corrections after 115 points positive opening
2- Up moves from intraday lower levels with downward corrections.
3- Whole day actual trading between 21861-22053
Conclusions from intra day chart analysis
Although some up moves after 115 points positive opening but Down moves begun with upward corrections(selling pattern) and Nifty traded 69 points negative also in Mid-session. As last 3 hours up moves from intraday lower levels were with downward corrections(consolidation pattern) also therefore whole day today intraday trading will be understood with Mixed Patterns formation between 21861-22053.
Following immediate supports and resistances were posted in last 2 sessions:-
1- 21681-21736(Immediate supports)
2- 22029-22126(Immediate resistances)
As one sided clear intraday trading patterns were not seen today therefore firstly sustaining beyond today trading range(21861-22053) should be watched tomorrow for first strong signal of next trend formations and finally sustaining beyond above mentioned next immediate supports and resistances should be watched tomorrow for next trend formations with big moves beginning confirmations.