Pull Back Rally expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(01-02-2021)
Nifty-Intra Day Chart (01-Feb-2021):-
Technical Patterns formation in today intraday charts
1- Down moves with upward corrections
2- Down moves in Bullish Falling Channel in last 45 minutes
3- Whole day actual trading between 14636-15010
Conclusions from intra day chart analysis
Following lines were told on 20-02-2021 in "Firstly watch next supports for the life of on going correction":-
1- More down moves expectations in next week
2- correction continuation towards following those next supports which were posted in previous weekly Outlook also:-
1- 14811-14913
2- 14717-14765
3- 14504-14615
As was told 100% same happened and correction remained continued below 2nd supports in the beginning of this week.
As whole day down moves with upward corrections are suggesting that continuous selling development hence more than 2% down moves were seen after positive opening.
Although closing was near the lower levels of the day but last 45 minutes down moves in Bullish Falling Channel therefore Pull Back Rally will be considered because Very Short Term indicators have also turned Oversold after last 5 sessions down moves.