Firstly watch next supports for post Budget next trend formation confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(31-01-2023)
Nifty-Intra Day Chart (30-Jan-2023):-
Technical Patterns formation in today intraday charts
1- Whole day only intraday volatility
2- Whole day actual trading between 17406-17709
Conclusions from intra day chart analysis
As sentiment turned depressed due to Adani Group negative news therefore Nifty slipped 150 points in first 2 minutes and Union Budget presentation also after 2 days and its led expectations also therefore more than 300 points intraday volatility developed and one sided technical positions formations was not seen today.
Following next supports were updated in previous Outlook:-
1- 17381-17401(Gap support)
2- 17226-17374
As today lowest was just above 1st supports at 17405.55 and Nifty honored it during such dampened sentiments also therefore firstly sustaining beyond this 1st supports range should be watched in the coming 2 sessions for post Budget next trend formation confirmations.