Sustaining above 13589 is must for next decisive up moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(16-12-2020)
Nifty-Intra Day Chart (15-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Down moves with upward corrections
2- Up moves with downward corrections
3- Sideways trading between 13553-13589 in last hours
4- Whole day actual trading between 13448-13589
Conclusions from intra day chart analysis
As selling in previous sessions therefore firstly slipping more than 100 points with follow up selling through upward corrections but getting supports at levels and after that continuous up moves were seen with consolidation through downward corrections hence today trading will be understood with intraday volatility and without any side technical position formations.
Last more than 1 hour sideways trading between 13553-13589 which is at the top of on going rally and today closing was at life time highest as well as only intraday volatility was seen today therefore firstly sustaining beyond 13553-13589 should be watched tomorrow because good selling was seen within and below this range in previous sessions and sustaining above 13589 is must for next decisive up moves beginning.