More up moves expectations
towards next resistances
Nifty-Intra Day Chart Analysis &
Market Outlook(07-02-2024)
Nifty-Intra Day Chart (06-Feb-2024):-
Technical Patterns formation in today intraday charts
1- Down moves after weaker opening
2- 101 Points volatility in first hour between 21776-21876
3- Up moves with downward corrections
4- Whole day actual trading between 21738-21951
Conclusions from intra day chart analysis
Although firstly down moves after weaker opening but after that 101 Points volatility was also in first hour between 21776-21876. As most Asian markets were trading with good gains therefore up moves begun which remain continued till last minutes.
As more than last 5 hours up moves were with downward corrections which is consolidation pattern therefore more up moves are expected towards next resistances(22029-22126) and firstly sustaining it beyond should be watched tomorrow for next decisive moves beginning confirmations.