Finally sustaining beyond 23426 will confirm the life & length of on going "ABC" correction amid Union Budget-2025 high volatility
Nifty-Intra Day Chart Analysis &
Market Outlook(01-02-2025)
Nifty-Intra Day Chart (31-Jan-2025):-
Technical Patterns formation in today intraday charts
1- Up moves with downward corrections
2- Up moves in Bearish Rising Channel
3- Selling between 23502-23528
4- Sharp Downward moves
5- Consolidation between 23424-23449
6- Sharp Upward moves
7- Whole day actual trading between 23278-23546
Conclusions from intra day chart analysis
Although firstly down moves after positive opening but Up moves begun with downward corrections which means that lower levels patterns formations developed today. As firstly selling patterns formations of Up moves in Bearish Rising Channel and after that higher levels selling also therefore sharp downward moves were seen in Mid-Session.
As fresh consolidation also developed in Mid-Session therefore sharp upward moves were seen in last hour and Nifty closed at the the intraday higher levels of the day. Although both intraday consolidation and selling patterns were seen today and Union Budget-2025 led intraday high volatility may also be seen tomorrow but finally sustaining beyond 23426 should also be watched tomorrow and in the beginning of next week because:-
1- 23426 is the highest of previous 14 sessions trading range(22787-23426)
2- Finally sustaining beyond 23426 will confirm the life and length of on going that "ABC" correction which begun from 26277.30 on 27-09-2024 and now in continuation with recent bottom formations at 22786.9 on 27-11-2025 in this week.