Watch next resistances amid more more
up moves expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(17-05-2024)
Nifty-Intra Day Chart (16-May-2024):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel
2- Volatility between 22150-22298
3- Down moves in Bullish Falling Channel
4- Sharp up moves in last 2 hours
3- Whole day actual trading between 22055-22432
Conclusions from intra day chart analysis
Although strong opening but not sustaining at higher levels and down moves begun which remained continued more than 4 hours as well as Nifty traded in negative zone also. As whole day down moves were in Bullish Falling Channel therefore sharp up moves begun which remained continued in last 2 hours as well as Nifty closed near intraday highest.
As whole day only intraday consolidation patterns formations and intraday selling patterns were not seen therefore up moves are expected towards following next resistances as well as sustaining beyond these resistances should be watched in the coming sessions next decisive moves beginning confirmations:-
1- 22482-22536
2- 22674-22702