Finally sustaining above 22703 will
confirm Fresh Rally beginning after
Short Term correction completion
Nifty-Intra Day Chart Analysis &
Market Outlook(30-05-2024)
Nifty-Intra Day Chart (29-May-2024):-
Technical Patterns formation in today intraday charts
1- Selling between 22793-22825
2- Sharp down
3- Consolidation between 22686-22686
4- Sharp up
5- Selling between 22767-22744
6- Down moves in Bullish Falling Channel
7- Whole day actual trading between 22686-22825
Conclusions from intra day chart analysis
As Bearish Global cues therefore firstly weaker opening of Indian markets and after that fresh selling developed hence 2 times sharp down moves were seen. Although lower levels consolidation and after that sharp up moves also but again follow up selling developed therefore again down moves started which remained continued till last minutes but these more than one hour down moves were in Bullish Falling Channel which is a consolidation pattern also hence whole day intraday trading will be understood with lower levels consolidation and higher levels selling patterns formations.
2nd Supports between 22657-22703 was posted at 08.17 AM on 29-05-2024 in "Watch next supports amid Bearish Global cues" and Nifty closed just above this range at 22704.45 after intraday lowest also formations within this supports range at 22685.45 today. As intraday supports were seen within this supports range and 22685.45 also therefore firstly sustaining above this supports range should be watched in the coming sessions for fresh rally beginning after on going Short Term correction completion.