More down moves expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(06-09-2024)
Nifty-Intra Day Chart (05-Sep-2024):-
Technical Patterns formation in today intraday charts
1- Sharp fall after gap up strong opening
2- Selling between 25202-25225
3- Sharp fall
4- Selling between 25168-25193
5- Down moves in last hours
6- Whole day actual trading between 25128-25275
Conclusions from intra day chart analysis
Although gap up strong opening but could not sustain at higher levels and fallen sharply because higher levels selling was seen in previous sessions. As fresh selling in first hour therefore sharp fall developed and more than 3 hours follow up selling developed in Mid-session therefore down moves were seen in last hours and Nifty closed near the lower levels of the day.
As only intraday selling patterns formations and consolidation was not seen today therefore more down moves are expected in the coming sessions and firstly sustaining beyond yesterday lowest(25084) should be watched for more decisive moves beginning confirmations because some intraday consolidation was seen above it yesterday.