Firstly watch 17648-17943 for next decisive moves beginning confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(21-01-2022)
Nifty-Intra Day Chart (20-Jan-2022):-
Technical Patterns formation in today intraday charts
1- Down moves with upward corrections
2- Down moves in Bullish Falling Channels
3- 135 Points Sharp up moves in last hour
4- Whole day actual trading between 17648-17943
Conclusions from intra day chart analysis
Following lines were told in previous Outlook named "Expectations of down moves towards next supports":-
Finally down moves will be seen towards following next supports:-
1- 17740-17788
2- 17657-17721
As was told 100% same happened and down moves were seen towards 17648.45 which was just below 17657 and after that Nifty moved up 135 points up moves sharply.
Although positive opening but after that down moves started in Bullish Falling Channels which means that follow up selling was seen. As some consolidation also developed at lower levels through Down moves in Bullish Falling Channels therefore 135 Points Sharp up moves was in last hour.
Technically higher levels selling and lower levels buying will be understood for day's trading between 17648-17943 therefore Nifty will firstly trade within this range and prepare for next decisive moves. Let Nifty prepare then will be decided according to coming sessions intraday patterns formations and will be updated,till then sustaing beyond 17648-17943 should be firstly watched in the coming sessions for next decisive moves beginning confirmations.