Finally sustaining beyond 22349-22536
will confirm next trend
Nifty-Intra Day Chart Analysis &
Market Outlook(07-05-2024)
Nifty-Intra Day Chart (06-May-2024):-
1- Volatility in first half hour after positive opening.
2- Sharp fall
3- More than 5 hours trading with mixed Patterns formation between 22410-22536
4- Whole day actual trading between 22410-22588
Conclusions from intra day chart analysis
Although firstly some up moves after positive opening but firstly volatility in first half hour and after that sharp fall was seen because higher levels good intraday selling last Friday hence Nifty could not sustain at higher levels.
Supports were seen between 22349-22494 last Friday and Nifty traded within and near about this range today also with mixed Patterns formation between 22410-22536 therefore Nifty will firstly trade and prepare for next trend within and near about 22349-22536 in the coming sessions. As finally sustaining beyond 22349-22536 will confirm next trend therefore should be watched for its confirmations.