Firstly Short Term correction or sharp intraday fall
Nifty-Intra Day Chart Analysis &
Market Outlook(06-01-2021)
Nifty-Intra Day Chart (05-Jan-2021):-
Technical Patterns formation in today intraday charts
1- First half hour sideways trading between 14093-14113
2- Down moves in Bullish Falling Channel
3- Slow up moves
4- Sharp fall
5- Last half hour sideways trading between 14194-14215
6- Whole day actual trading between 14076-14215
Conclusions from intra day chart analysis
As some seling yesterday therefore Nifty slipped more then 80 points in first hour but lower levels consolidation therefore rally continuation. Although whole day slow up moves but consolidation also through intraday correction hence closing at the top of the day. As last half hour sideways trading between 14194-14215 and some selling also due to slow up moves therefore firstly consolidation is required within or near about today trading range for decisive up moves above today highest.
Short Term indicators are completely Over bought and slow up moves in last 2 sessions therefore therefore firstly Short Term correction or sharp intraday fall is expected tomorrow before any decisive up move if fresh consolidation develops.