Upward moves expectations
toward next resistances
Nifty-Intra Day Chart Analysis &
Market Outlook(04-02-2025)
Nifty-Intra Day Chart (03-Feb-2025):-
Technical Patterns formation in today intraday charts
1- Volatility in first hour
2- Up moves with downward corrections
3- Consolidation between 23253-23294
4- Sharp up
5- Consolidation between 22318-22379
6- Whole day actual trading between 23222-23381
Conclusions from intra day chart analysis
As US markets Futures were trading more than 1.5% down today morning and in reaction most Asian markets were also trading in Red as well as some Asian markets were more than 1% down therefore sentiment turned extremely depressed and resultant gap down weaker opening of Indian markets was seen today morning.
Although firstly volatility in first hour but after that Up moves were with downward corrections which is a consolidation pattern and fresh consolidation developed in Mid-Session also therefore sharp up moves were seen. As follow up consolidation was seen in last hour also therefore it will be understood that only intraday consolidation patterns formations today hence upward moves are expected toward next resistances(23545-23632) in the coming sessions and finally sustaining it beyond should be watched in the coming sessions for next decisive moves beginning confirmations.