Watch next resistances amid firstly
Upward moves expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(05-02-2025)
Nifty-Intra Day Chart (04-Feb-2025):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel
2- Up moves with downward corrections
3- Whole day actual trading between 23424-23762
Conclusions from intra day chart analysis
As whole day intraday consolidation patterns formations were seen yesterday therefore gap up strong opening was seen today. Although firstly Down moves developed but were in Bullish Falling Channel and after that whole day Up moves were with downward corrections as well as these both are consolidation patterns therefore Nifty closed 1.62% up today. As whole day intraday consolidation patterns formations today therefore firstly upward moves are expected in the coming session but Very Short Term indicators have turned Over Bought therefore intraday volatility and higher levels profit booking can not be ruled out hence sustaining beyond following resistances should be watched for next upward moves or very Short Term correction beginning confirmations:-
1- 23834-23877
2- 23892-24065