Sideways between 13193-13564 in the next 1/2 sessions
Nifty-Intra Day Chart Analysis &
Market Outlook(23-12-2020)
Nifty-Intra Day Chart (22-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Sharp fall after positive opening
2- Down moves in Bullish Falling Channels
3- Up moves with downward corrections
4- Slow up moves
5- Sideways trading between 13395-13485
6- Whole day actual trading between 13193-13492
Conclusions from intra day chart analysis
As sentiment was weak after huge crash yesterday therefore sharp fall after positive opening today but lower levels good consolidation through Down moves in Bullish Falling Channels. Although again consolidation through Up moves with downward corrections but some profit booking can not be rued out because last hours Up moves were slow and sideways trading in last hour between 13395-13485.
Yesterday last hour trading was with volatility between 13248-13430 and Nifty traded whole day within and near about it as well as closed just above it at 13466.30. As more than 7 and half hour trading between 13193-13492 with lower levels supports therefore until fresh selling will not develop tomorrow till then Nifty will not sustain below today lowest(13193).
As good selling above 13564 yesterday and good consolidation above 13193 today therefore Nifty will remain sideways between 13193-13564 in the coming 1/2 sessions and prepare next decisive moves. Let Nifty prepare then break out/break down will be considered according to intraday patterns formations.