Emergence of Short to Intermediate term correction expectation
Nifty-Intra Day Chart Analysis &
Market Outlook(08-01-2021)
Nifty-Intra Day Chart (07-Jan-2021):-
Technical Patterns formation in today intraday charts
1- More than 5 hours selling between 14178-14234
2- Down moves in last hour
3- Whole day actual trading between 14124-14234
2- Down moves in last hour
3- Whole day actual trading between 14124-14234
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly watch 14040-14244 for first signal of next Short Term trend beginning":-
1- Although Dow Jones is trading more than 700 points up but higher levels good selling between 14178-14244 today
2- until complete consolidation will not develop till then Nifty will not sustain above 14244
3- follow up selling within this range will mean sharp correction if sustains below today lowest.
As more than 5 hours follow up selling between 14178-14234 today which is within yesterday mentioned more than 4 hours good selling range(14178-14244) therefore today closing was near the lower levels of the day after last hour down moves.
More than 9 hours selling between 14178-14244 in last 2 sessions therefore it will be immediate resistance of Nifty and Short Term indicators have turned overbought also also hence emergence of Short to Intermediate term correction expectation,its confirmation will be after sustaining below 14040 because some buying was seen above it yesterday.