Short Term correction in the first week of next year
Nifty-Intra Day Chart Analysis &
Market Outlook(01-01-2021)
Nifty-Intra Day Chart (31-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Up moves in Bearish Rising Channels
2- Down moves in Bullish Falling Channel
3- Whole day sideways trading between 13957-14024
4- Whole day actual trading between 13937-14024
Conclusions from intra day chart analysis
Whole day sideways trading between 13957-14024 with higher levels selling through Up moves in Bearish Rising Channels and lower levels buying also through Down moves in Bullish Falling Channel therefore firstly sustaining beyond 13957-14024 should be watched in the coming sessions for next decisive moves beginning confirmations.
Selling process is on for the last 2 sessions and higher levels selling was seen today also. Although some lower levels buying today but expected that follow up selling will develop in the coming sessions and Short Term correction will be seen below 13800 in the first week of next year therefore be cautious.