Pull Back rally continuation towards next resistances
Nifty-Intra Day Chart Analysis &
Market Outlook(02-02-2021)
Nifty-Intra Day Chart (01-Feb-2021):-
Technical Patterns formation in today intraday charts
1- Whole day up moves with downward corrections
2- Sharp up moves started after the end of Budget speech
3- Whole day actual trading between 13662-14336
Conclusions from intra day chart analysis
Although Nifty closed at the lowest of the day last Friday but we were not Bearish and told following lines on 30-01-2021 in "Levels will confirm next Trend after Union-Budget under the shadow of crashing Global markets":-
1- Although Nifty closed below last 25 sessions lowest after loosing 270 points in last hour last Friday but
2- consolidation patterns formations between 13730-13816 in last 2 sessions therefore firstly sustaining it beyond should be watched in the coming week for next Trend confirmation after Union-Budget Next Monday
Nifty traded within and near about 13730-13816 till the end of Budget speech and after that zoomed up as well as closed at the top of the day with 4.74% gains at 14281.20.
As whole day up moves were with downward corrections and selling patterns were not seen therefore today started Pull Back rally continuation is expected towards following next resistances;-
1- 14455-14619
2- 14701-14753