Sideways trading between 17966-18240
for Post Budget decisive moves preparation
Nifty-Intra Day Chart Analysis &
Market Outlook(25-01-2023)
Nifty-Intra Day Chart (24-Jan-2023):-
Technical Patterns formation in today intraday charts
1- Firstly up moves after positive opening
2- Selling between 18164-18201
3- Consolidation between 18079-141
4- Whole day actual trading between 18079-18201
Conclusions from intra day chart analysis
Although firstly up moves after positive opening and Nifty traded 83 points up also but selling developed in first 2 hours therefore Nifty slipped 122 points from higher levels. As lower levels consolidation patterns formations in last 3 hours also therefore Whole day today trading will be understood with Mixed Patterns formation between 18079-18201.
Next immediate supports below today lowest are as follows:-
1- 18028-18054
2- 17966-18007
Next resistances today highest are as follows:-
1- 18216-18240
As Nifty has turned sideways for the last 22 sessions between 17762-18265 and preparing for post Union Budget 2023-24 decisive moves therefore expected that Nifty will firstly trade sideways and prepare for it between 17966-18240 in the coming 1/2 sessions. Let Nifty to prepare for one sided big moves then will be decided according to coming sessions intraday patterns formations and till then sustaining beyond 17966-18240 should be watched for its confirmations.