Strong Pull Back Rally tomorrow
Nifty-Intra Day Chart Analysis &
Market Outlook(29-01-2021)
Nifty-Intra Day Chart (28-Jan-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 13841-13898
2- Down moves in Bullish Falling Channel
3- Sharp up
4- Down moves in Bullish Falling Channel
5- Whole day actual trading between 13714-13898
Conclusions from intra day chart analysis
As most Asian markets were in crashing mode today morning after more than 2% yesterday fall of all US markets Indices therefore huge gap down opening of Indian markets today.
Although firstly more than 2 hours selling but after that lower levels consolidation through down moves in Bullish Falling Channels therefore Sharp up moves were seen in last 4 hours which could not move above 13841 because good selling was above it today.
As today down moves were due to crashing Global markets and Dow Jones is now trading more than 600 points up as well as such higher Dow Jones closing today will lead rally in Asian markets tomorrow therefore resultant up moves will be seen in Indian markets also.
As lower levels consolidation today and Very Short Term indicators have turned Over sold as well as possibility of Bullish Global markets tomorrow therefore resultant strong Pull Back Rally will be seen in Indian markets also.