Strong Pull back Rally in the coming 1/2 sessions
Nifty-Intra Day Chart Analysis &
Market Outlook(28-01-2021)
Nifty-Intra Day Chart (27-Jan-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 14120-14194
2- Down moves with upward corrections
3- Consolidation between 13930-14010
4- Whole day actual trading between 13930-14237
Conclusions from intra day chart analysis
In both previous Outlooks possibility of huge/sharp fall was told after sustaining below 14265 and it was seen today because following next supports were much below 14265:-
1- 13875-13912
2- 13815-13845
3- 13772-13811(Gap supports)
Slipping 75 points in first 10 seconds and after that selling through Down moves with upward corrections therefore correction continuation and closing below 14000 today.
Although last more than 1 hour consolidation between 13930-14010 but higher levels good selling also therefore complete consolidation is firstly required for fresh rally above 14000.
As crashing like situation in all Global markets therefore more weakness can not be ruled out tomorrow but Very Short Term indicators have turned Oversold and consolidation was seen at lower levels today as well as above mentioned multiple supports are lying below today lowest therefore expected that strong Pull back Rally will be seen in the coming 1/2 sessions after fresh consolidation above 13815.