Short Term correction expectations after coming sessions follow up selling
Nifty-Intra Day Chart Analysis &
Market Outlook(31-12-2020)
Nifty-Intra Day Chart (30-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 13894-13947
2- Sharp slipping
3- Slow up moves in last 3 hours
4- Whole day actual trading between 13865-13997
Conclusions from intra day chart analysis
As most Asian markets were trading strong therefore Indian markets gap up opening but not sustaining and slipping fast to negative zone in first 4 minutes therefore it will be understood that Indian markets under performed Global cues today.
Although firstly 3 hours selling and after that slipping sharply also but up moves in last 3 hours were seen. As these up moves were slow therefore some selling on the back of these slow up moves can not be ruled out.
Selling patterns formations yesterday and again selling was seen today therefore selling process continuation will be understood and Short Term correction will be expected after coming sessions follow up selling.