Short Term correction after next
1/2 sessions follow up selling
Nifty-Intra Day Chart Analysis &
Market Outlook(30-12-2020)
Nifty-Intra Day Chart (29-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 13937-13967
2- Supports and sideways trading between 13860-13916
3- Selling between 13918-13939
4- Whole day actual trading between 13860-13967
Conclusions from intra day chart analysis
As Dow Jones Futures was trading more than 120 points up and most Asian markets were strong therefore strong gap up opening of Indian markets but selling developed hence 100 points fall was seen before 11:00 AM.
Lower levels some supports and 2 hours sideways trading therefore after that some up moves were seen but again selling developed in last 2 hours hence it will be understood that selling process has been started because higher levels selling developed today.
As Short Term Indicators are Over bought therefore Short Term correction will be seen but follow up selling is firstly required in the next 1/2 sessions.