Upward moves towards 24368
only after fresh consolidation
between 24170-24229
Nifty-Intra Day Chart Analysis &
Market Outlook(06-11-2024)
Nifty-Intra Day Chart (05-11-2024):-
Technical Patterns formation in today intraday charts
1- 4 Hours consolidation Patterns formations between 23843-24025
2- Sharp up
3- Slower up moves
4- Up moves in Bearish Rising Channels between 24170-24229
5- Whole day actual trading between 23843-24229
Conclusions from intra day chart analysis
As firstly 4 Hours consolidation Patterns formations between 23843-24025 therefore sharp up moves were seen after that. Although today closing was with 218 points gains but in last 2 hours firstly slower up moves and after that Up moves in Bearish Rising Channels between 24170-24229 were seen which is a intraday selling pattern therefore higher levels some profit booking also can not be ruled out.
Although next resistances are between 24328-24368 and minor selling at today higher levels also can not be ruled out between 24170-24229 but lower levels good intraday between 23843-24025 also today therefore upward moves towards 24368 can not be ruled out if fresh consolidation develops between or near about 24170-24229 tomorrow.