Up moves expectations towards
next resistances
Nifty-Intra Day Chart Analysis &
Market Outlook(25-01-2024)
Nifty-Intra Day Chart (24-Jan-2024):-
Technical Patterns formation in today intraday charts
1- 101 Points down in first 5 minutes after weaker opening
2- Up moves with downward corrections
3- Mixed Patterns formation between 21304-21407
4- Consolidation between 21211-21335
5- Up moves with downward corrections
6- Whole day actual trading between 21138-21482
Conclusions from intra day chart analysis
Although 101 Points down in first 5 minutes after weaker opening but Nifty moved up 257 points in first hour from lower levels and traded 156 points up also. As trading with Mixed Patterns formations after Up moves with downward corrections therefore little down moves were seen but good consolidation developed in Mid-session hence up moves started which remained continued till last minutes.
As last 2 hours up moves were with downward corrections and good intraday consolidation at lower levels also therefore today closing was more than 1% up. Most time intraday consolidation today therefore up moves are expected towards next resistances(21535-21562) in the coming sessions.