Levels will confirm next decisive moves
Nifty-Intra Day Chart Analysis &
Market Outlook(24-02-2021)
Nifty-Intra Day Chart (23-Feb-2021):-
Technical Patterns formation in today intraday charts
1- Volatility in first 2 hours
2- More than 4 hours sideways trading between 14675-14787
3- Whole day actual trading between 14652-14854
Conclusions from intra day chart analysis
Following conclusive line was told at 07:55 AM on 23-02-2021 in "Pull Back Rally expectations":-
Pull Back Rally will be considered
As was told 100% same happened and Nifty moved up 179 Points in first 30 minutes today.
Although more than 200 points volatility in first 2 hours but after that quiet market and more than 4 hours sideways trading between 14675-14787.
As consolidation patterns were also seen in last 4 hours sideways trading therefore until complete selling patterns will not develop till then Nifty will not sustain below today lowest. Follow up consolidation tomorrow will mean strong rally and it is expected also.
Expected that Nifty will firstly trade and prepare for next decisive moves between 14675-14787 and finally sustaining it beyond will confirm following next decisive moves:-
1- Below 14675 will mean correction towards next supports(14504-14615)
2- Above 14787 will mean Pull Back rally continuation above today highest.