Rally on Union Budget expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(14-01-2022)
Nifty-Intra Day Chart (13-Jan-2022):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channels
2- Consolidation between 18211-18222
3- Sharp up moves in last half hour
4- Whole day actual trading between 18164-18272
Conclusions from intra day chart analysis
Although positive opening but down moves were seen after that. As whole day down moves were in Bullish Falling Channels and consolidation was also seen between 18211-18222 therefore sharp up moves developed in last half hour.
As Union Budget will be tabled in Parliament on 01-02-2022 therefore Indian markets are preparing for post Budget decisive one sided moves hence moving up on post Budget expectations. As whole day consolidation today therefore up moves will be seen tomorrow and let selling develop then correction will be considered according to the size of selling patterns formations but remain cautious because Short Term indicators are Over bought and correction may also begin any day after fresh selling patterns formations.