Jump expectations towards 17108
Nifty-Intra Day Chart Analysis &
Market Outlook(07-12-2021)
Nifty-Intra Day Chart (06-Dec-2021):-
Technical Patterns formation in today intraday charts
1- 70 Points sharp fall in first minute after positive opening
2- Selling between 17108-17190
3- More than 4 hours down moves with upward corrections
4- Whole day actual trading between 16892-17216
Conclusions from intra day chart analysis
Down moves in this week were told in following lines on 04-12-2021 in "Sustaining below 16783 will confirm correction towards 200-Day SMA":-
1-down moves will be seen in the beginning of next week
2-more down moves in the beginning of next week
3-some more down moves are expected in next week
As was told on 04-12-2021 same 100% happened today and Nifty crashed 284 points today.
Although today closing was near the lower levels of the day but Very Short Term indicators have turned Oversold therefore a Jump is expected towards 17108 tomorrow and until Nifty will not sustain above 17190 till then decisive up moves will not be seen.