Finally sustaining beyond 24387-24492 will generate fresh bigger decisive moves
Nifty-Intra Day Chart Analysis &
Market Outlook(30-10-2024)
Nifty-Intra Day Chart (29-Oct-2024):-
Technical Patterns formation in today intraday charts
1- 188 Points down in first 2 hours after negative opening
2- Consolidation between 24141-24252
3- Up moves with downward corrections
4- Consolidation between 24269-24312
5- Sharp up
6- Mixed Patterns formation between 24412-24484
7- Whole day actual trading between 24141-24484
Conclusions from intra day chart analysis
As higher levels good intraday selling was seen yesterday therefore firstly 188 Points down moves in first 2 hours after negative opening but lower levels good intraday consolidation developed and after that up moves were seen with downward corrections which is also a consolidation pattern. Follow up consolidation in Mid-Session also hence sharp up moves were seen and Nifty closed near the higher levels of the day.
Although Nifty closed 124 ponts up after 325 points recovery from lower levels but Mixed Patterns formation was seen in last hours between 24412-24484 and selling was seen between 24387-24492 yesterday also therefore expected that Nifty will firstly trade and prepare for next decisive moves between 24387-24492. As finally sustaining beyond this range will generate fresh bigger decisive moves therefore should be watched tomorrow for its confirmations.