Watch levels for confirmations amid Short Term correction possibility
Nifty-Intra Day Charts Analysis &
Market Outlook(17-11-2020)
Nifty-Intra Day Chart (Nov 11 to Nov 14,2020):-
Technical Patterns formation in last 4 Sessions intraday charts
1- Consolidation between 12572-12644 on 11-11-2020
2- Selling between 12709-12769 on 11-11-2020
3- Sideways trading between 12660-12727 on 12 & 13-11-2020
4- Consolidation between 12611-12640 on 13-11-2020
5- Sideways in last 3 sessions between 12572-12769 before Diwali Muhurt session
6- Selling between 12790-12828 on 14-11-2020
7- 4 Sessions actual trading between 12572-12828
Conclusions from 4 Sessions intra day chart analysis
All trends are up and Bullish rally is very much on but Short Term Indicator Stochastic is overbought and indicating emergence of Short Term correction possibility.
Although strong gap up opening on Diwali Muhurt session but not sustaining at higher levels and closing was near the lower levels after selling between 12790-12828 therefore it will be immediate resistance of Nifty.
Nifty remained sideways in last 3 sessions between 12572-12769 before Diwali Muhurt sessions with lower levels supports and higher levels selling as well as Sideways trading between 12660-12727 therefore following levels should be firstly watched in next week for:-
1- 12660-12727 for first indication of next decisive moves beginning.
2- 12572-12769 break down will confirm Short Term correction below 12572 and break out will confirm fresh rally above 12828.
Watch above levels for confirmations amid Short Term correction possibility in next week.