Watch levels for first signal of next decisive moves beginning amid Volatility
Nifty-Intra Day Chart Analysis &
Market Outlook(22-01-2021)
Nifty-Intra Day Chart (21-Jan-2021):-
Technical Patterns formation in today intraday charts
1- More than 5 hours selling between 14701-14753(immediate Resistances)
2- Sharp fall in last hour
3- Whole day actual trading between 14518-14753
Conclusions from intra day chart analysis
Live proofs of levels accuracy
Following line was told on 16-01-2021 in "Firstly watch immediate maximum target of Nifty at 14754.25 amid Pre-Post Budget news led volatility ":-
immediate maximum target of Nifty is at 14754.25
Immediate maximum target of Nifty was given at 14754.25 on 16-01-2021 and Nifty crashed 235 points from 14753.55 on 21-01-2021.
Although strong gap up opening today but sentiment turned heated due to SENSEX surpassing 50,000 mark therefore selling developed which remained continued more than 5 hours hence sharp fall was seen in last hour.
As more than 5 hours selling between 14701-14753 therefore it will be immediate resistance of Nifty and next supports are between 14265-14340 hence Nifty will prepare for post-budget moves between 14265-14753 in the coming sessions and remain volatile also within this 488 points range.
Expected that Nifty will firstly trade and prepare for next decisive moves between 14518-14665 and sustaining beyond this range should be watched for first signal of its beginning.