Finally valid break out of today trading
range will confirm next decisive
moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(06-03-2024)
Nifty-Intra Day Chart (05-Mar-2024):-
Technical Patterns formation in today intraday charts
1- Selling between 22360-22378
2- Downward moves
3- Consolidation between 22270-22304
4- Upward moves
5- Sharp up
6- Selling between 22365-22408
7- Whole day actual trading between 22270-22416
Conclusions from intra day chart analysis
As firstly selling after negative opening today and most time selling was seen yesterday also therefore Nifty traded 136 points down in first 2 hours. Although up moves were seen in Mid-session after lower levels some consolidation but follow up selling developed in last hours therefore Nifty closed in Red today. As both lower levels consolidation and higher levels selling today therefore expected that Nifty will firstly trade and prepare tomorrow for next decisive moves within today trading range. Let Nifty to prepare for it within today trading range then will be decided according to intraday patterns formations and finally next decisive moves beginning confirmation will be after sustaining beyond or forceful break out of above mentioned today trading range.