Firstly watch 13248-13430 for next decisive moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(22-12-2020)
Nifty-Intra Day Chart (21-Dec-2020):-
Technical Patterns formation in today intraday charts
1- 5 Hours selling between 13564-13777(immediate Resistances)
2- 470 Points crash in 30 minutes
3- Last hour volatility between 13248-13430
4- Whole day actual trading between 13132-13777
Conclusions from intra day chart analysis
Following lines were told on 05-12-2020 in "Rally continuation towards its immediate maximum target at 13777.75":-
maximum target of on going impulsive
Wave-5(rally) of Nifty is at 13777.75
Immediate maximum target was given at 13777.75 on 05-12-2020 and today highest was at 13777.50 before crashing 645 points.
As firstly 5 Hours selling between 13564-13777 and after that 470 points crash therefore it will be immediate resistance of Nifty. Last hour volatility between 13248-13430 and technical positions changes fast in such today like sentiments hence firstly sustaining beyond this range should be watched in the coming sessions for next decisive moves beginning.
Finally sustaining below 13564 will be first signal of that rally completion which started from 7511.10 on 24-03-2020. Let more confirmation come then "ABC" correction of rally between 7511.10- 13777.50 will be considered. Although "ABC" correction is expected now but for precaution will be better to wait for more confirmations