Firstly watch levels amid correction
continuation expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(22-12-2021)
Nifty-Intra Day Chart (21-Dec-2021):-
Technical Patterns formation in today intraday charts
1- Volatility in first hour
2- Up moves in Bearish Rising Channel
3- Selling between 16864-16936(immediate Resistances)
4- Sharp fall
5- Whole day actual trading between 16689-16936
Conclusions from intra day chart analysis
As strong global cues today morning therefore gap up opening but firstly volatility and after that Up moves were in Bearish Rising Channel as well as higher levels good selling between 16864-16936 hence sharp fall was seen after 02:00 PM.
Some intraday supports above 16410 yesterday and good selling below 16936 today therefore Nifty will trade between 16410-16936 in the coming sessions because Very Short Term indicators have turned Oversold after yesterday huge fall and technically Nifty has to prepare for next decisive moves within last 2 sessions trading range.
Although finally correction continuation below 16410 is expected but let Nifty prepare completely for it in the coming sessions then will be updated according to intraday charts formations and till then firstly sustaining beyond 16410-16936 should be watched for next decisive moves beginning confirmations.