Levels will confirm fresh rally or Short Term Correction
Nifty-Intra Day Chart Analysis &
Market Outlook(24-11-2020)
Nifty-Intra Day Chart (23-Nov-2020):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channels
2- Up moves in Bearish Rising Channels
3- Selling between 12941-12968
4- Whole day actual trading between 12826-12968
Conclusions from intra day chart analysis
Although strong gap up opening but not sustaining at higher levels and slipping to negative zone. As these one and half hour down moves were in Bullish Falling Channels therefore up moves started which remained continued towards new lifetime highest levels. These up moves were in Bearish Rising Channels and selling was seen at higher levels also therefore firstly fresh consolidation and after that sustaining above today highest is must for fresh rally above 13000.
As selling was seen above 12941 also on 19th Nov 2020 and today closing was below it therefore sustaining below it will generate first signal of Short Term Correction which should be firstly watched tomorrow.
Next supports below today lowest are as follows:-
1- 12840-12886
2- 12737-12782
3- 12605-12690
As above multiple supports below today closing therefore complete fresh selling is required for sustaining below these supports. Firstly sustaining beyond 12941-12968 should be watched tomorrow for fresh rally above 12968 and Short Term Correction below 12941.