Firstly watch 1st resistance for next decisive moves beginning confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(20-01-2021)
Nifty-Intra Day Chart (19-Jan-2021):-
Technical Patterns formation in today intraday charts
1- Up moves with downward corrections
2- Whole day actual trading between 14351-14546
Conclusions from intra day chart analysis
Following lines were told and 3 resistances were updated on 16-01-2021 in "Firstly watch immediate maximum target of Nifty at 14754.25 amid Pre-Post Budget news led volatility":-
1- For correction life firstly sustaining beyond 13-Day SMA(14276) should be watched in the coming week because it is between immediate next supports(14230-14301).
2- 3 Resistances:-
1- 14482-14549
2- 14580-14617
3- 14621-14648
Immediate next supports were told between 14230-14301 and Nifty got supports just below it at 14,222.80 on 18-01-2021 as well as after that 239.85 points rally was seen today which remained continued up to 1st resistances at 14546.05.
Although whole day today up moves were with downward corrections and closing was near the higher levels of the day as well as selling patterns were not seen but Very Short Term indicators have turned Over Bought after strong rally of today and above mentioned resistances are lying within and above today closing therefore firstly complete consolidation is required for rally continuation above today highest.
Expected that Nifty will firstly trade and prepare for next decisive moves within and neat about above mentioned 1st resistance(14482-14549) and finally sustaining it beyond will confirm following next moves:-
1- Sustaining below 14482 will mean sharp fall.
2- Sustaining above 14549 will mean slow up moves with follow up consolidation because above it multiple resistances are lying up to 14648.
Firstly sustaining beyond above mentioned 1st resistance(14482-14549) should be watched tomorrow for next decisive moves beginning confirmations.