Firstly some upward moves possibility
& finally 24757-25234 will confirm
next bigger moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(10-10-2024)
Nifty-Intra Day Chart (09-Oct-2024):-
Technical Patterns formation in today intraday charts
1- Up moves with downward corrections
2- Selling between 25198-25234
3- Selling between 25122-25157
4- Selling between 25100-25139
5- 192 Points down moves in last 2 hours
6- Some up moves after lower levels minor supports
7- Whole day actual trading between 24948-25234
Conclusions from intra day chart analysis
Although firstly upward moves with downward corrections and Nifty traded 220 points positive also but higher levels selling developed and 2 times follow up selling was also seen after some down moves in mid-session therefore 192 Points downward moves were seen in last 2 hours and Nifty closed near the lower levels of the day. As some up moves after lower levels minor supports in last half hour and good intraday consolidation was seen below today lowest and above 24757 yesterday also therefore firstly some upward moves can not be ruled out tomorrow.
Immediate resistances are lying between 25100-25234 therefore until Nifty will not sustain above 25234 after complete intraday consolidation till then decisive upward moves will not seen. In the same manner complete fresh selling is also required for sustaining below 24757 because good intraday consolidation was seen above it yesterday also. As both consolidation and selling has been seen in last 2 sessions between 24757-25234 therefore Nifty will trade within this range in the coming sessions and prepare for next bigger moves as well as finally sustaining beyond this range will confirm it hence it should also be finally watched in the coming sessions for next bigger moves beginning confirmations.