Sustaining beyond 14505-14720 will form next trend
Nifty-Intra Day Chart Analysis &
Market Outlook(03-02-2021)
Nifty-Intra Day Chart (02-Feb-2021):-
Technical Patterns formation in today intraday charts
1- Volatility in first hour
2- Slow up moves with downward corrections in last 5 hours
3- Whole day actual trading between 14470-14731
Conclusions from intraday chart analysis
Although rally started on 1st February but its preparation though consolidation was started 3 sessions before therefore on the back of intraday consolidation I posted following topics:-
1- "Strong Pull back Rally in the coming 1/2 sessions" for 28-01-2021.
2- "Strong Pull Back Rally tomorrow" for 29-01-2021.
3- Told for Budget day(01-02-2021) Outlook on 30-01-2021 that "consolidation patterns formations between 13730-13816 in last 2 sessions"
As all the Global markets were crashing therefore Pull back Rally was not seen in previous week and Indian markets blasted in this week because its base was formed in previous week through 3 sessions lower levels consolidation.
Firstly huge gap up opening and after that volatility in 1st hour today but after that 5 hours slow up moves were seen which is an indication of some profit booking also. As these up moves were with downward corrections which is an indication of some consolidation also but complete consolidation is firstly required for sustaining above today highest.
Mixed Patterns formation will be understood between 14505-14720 in last 5 hours therefore Nifty will firstly trade and prepare for next decisive moves within and near about this range. As sustaining it beyond will form next trend therefore should be firstly watched for its confirmations.