Correction continuation therefore
firstly watch next supports & levels
Nifty-Intra Day Chart Analysis &
Market Outlook(13-11-2024)
Nifty-Intra Day Chart (12-Nov-2024):-
Technical Patterns formation in today intraday charts
1- Selling between 24091-24242
2- Downward moves
3- Selling between 23915-24034
4- Whole day actual trading between 23840-24242
Conclusions from intra day chart analysis
Although firstly upward moves after positive opening but could not sustain at higher levels because selling developed in first 3 hours and after that follow up selling was also seen in Mid-session after some downward moves therefore Nifty closed near the lowest of the day after loosing 257 points today.
As whole day intraday selling was seen therefore down ward moves are expected in the coming session also. Correction is being seen and it was was expected also therefore following lines should be kept in mind which were told on 09-11-2024 in this week Weekly Analysis following topic:-
Corrective Wave-4 is very much on and now in continuation towards following next supports and levels which should be watched one by one for next immediate moves beginning confirmations:-
1- Supports:-
1- 23817-24025
3- 23671-23734
4- 23563-23612
5- 23502-23537
6- 23358-23476
2- Fibonacci Retracement Crucial levels of Wave-(iii) of Wave-3(18837.80-26277.30):-
38.2%- 23,435 (Crucial Level)
50.0%- 22,557 (Crucial Level)
61.8%- 21,679 (Crucial Level)
3- Long Term Trend decider 200-Day SMA which is today at 23508.