Finally 17290 will confirm Union Budget final reaction on Indian Stock markets & Long Term Trend
Nifty-Intra Day Chart Analysis & Market
Outlook(02-02-2023)
Nifty-Intra Day Chart (01-Feb-2023):-
Technical Patterns formation in today intraday charts
1- Slow up moves after gap up strong opening
2- Sharp up moves during Budget hours
3- Selling between 17912-17972
4- Down moves with upward corrections
5- Volatility in last hour between 17354-17669
6- Whole day actual trading between 17354-17972
Conclusions from intra day chart analysis
As high expectations from Budget and good intraday consolidation was seen yesterday also therefore firstly gap up strong opening and sharp up moves developed during Budget hours also but higher levels selling developed between 17912-17972 after Budget announcements led heated sentiments and down started.
Nifty lost 618 points from higher levels because Down moves were with upward corrections. As such huge intraday correction therefore Nifty corrected and recovered 315 points from lower levels in last 40 minutes during volatility last hour volatility between 17354-17669.
Higher levels good intraday selling is confirm today and firstly complete consolidation is required for moving above today highest.
Following next supports have been updated in previous Outlooks and Nifty tested both today but closed well above it at 17616.30 today:-
1- 17381-17401(Gap support)
2- 17226-17374
Long Term Trend decider 200-Day SMA is today at 17290 which is within above mentioned 2nd supports(17226-17374) also therefore finally sustaining beyond this supports range should be watched in the coming sessions for Union Budget final reaction on Indian Stock markets and Long Term Trend also.