Follow up consolidation is firstly required for next rally above 13000
Nifty-Intra Day Chart Analysis &
Market Outlook(18-11-2020)
Nifty-Intra Day Chart (17-Nov-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 12842-12875
2- Down moves in Bullish Falling Channel
3- Up moves with downward corrections
4- Selling between 12842-12865
5- Whole day actual trading between 12798-12934
Conclusions from intra day chart analysis
As Dow Jones closed 470 points up yesterday therefore strong opening of Indian markets but sentiments turned heated hence some selling developed and down moves were seen.
Consolidation was also seen firstly through Down moves in Bullish Falling Channels and after that Up moves with downward corrections therefore today closing was near the higher levels of the day.
As selling was also seen in last half hour hence follow up consolidation is firstly required near about today highest tomorrow for next rally above 13000 because overbought Short Term Indicators are suggesting Short Term correction is on cards.