Firstly watch sustaining beyond 14265
Nifty-Intra Day Chart Analysis &
Market Outlook(27-01-2021)
Nifty-Intra Day Chart (25-Jan-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 14455-14480
2- Sharp fall
3- Selling between 14324-14432
4- Down moves in Bullish Falling Channel
5- Whole day actual trading between 14218-14491
Conclusions from intra day chart analysis
Following conclusive lines were told on 23-01-2021 in "Firstly watch crucial levels in Budget news led highly volatile next week":-
1- Nifty will firstly prepare for post-Budget big moves between and near about 14265-14528 in the beginning of next week
2- As strong resistances are above it therefore Nifty will have to consolidate completely for crossing and sustaining above those resistances
3- Remain completely careful because fresh selling within this range and sustaining below 14265 will mean huge fall because next supports are much below it.
Nifty traded first 6 hours between 14265-14528 and slipped below it in last half hour after good selling above it last Monday therefore more down moves are expected tomorrow, follow up selling and once sustaining below 14265 will mean sharp fall possibility also therefore remain cautious.
As Union Budget led volatility can not be ruled out and last hour Down moves were in Bullish Falling Channel last Monday therefore some up moves possibility can not be ruled but until complete consolidation will not develop till then Nifty will not be able to move and sustain above 14265.
Global markets are also highly volatile due to new variant of coronavirus therefore firstly sustaining beyond 14265 should be watched tomorrow for slow up moves above it and sharp fall below it.