Sharp correction expectations
Nifty-Intra Day Charts Analysis &
Market Outlook(14-12-2020)
Nifty-Intra Day Chart (Dec 10 & Dec 11,2020)
Technical Patterns formation in last 2 Sessions intraday charts
1- Consolidation between 13400-13442 on 09-12-2020(immediate supports)
2- Sharp up on 09-12-2020
4- Selling between 13542-13579 10-12-2020(immediate Resistances)
5- Sharp down on 10-12-2020
6- Sharp up on 10-12-2020
7- 2 Sessions actual trading between 13400-13579
Conclusions from 2 Sessions
intra day chart analysis
Last 2 Sessions trading between 13400-13579 with lower levels good consolidation 13400-13442 and higher levels equally Selling between 13542-13579 as well as last Friday closing was within these 2 ranges therefore Nifty is not prepared for any side decisive moves at this moment. Firstly Nifty will have to trade and prepare for next decisive moves between 13400-13579 which will be done in the beginning of next week.
As last 3 sessions trading was between 13400-13579 and Short Term indicators are Overbought as well as selling was seen at higher levels of this range on 9th and 11th Dec therefore forceful break down/gap down/once sustaining below below 13400 will mean sharp more than 3% correction which is expected also in next week.