Strong bounce back or Pull Back Rally beginning in the coming 2/3 sessions
Nifty-Intra Day Chart Analysis &
Market Outlook(14-11-2024)
Nifty-Intra Day Chart (13-Nov-2024):-
Technical Patterns formation in today intraday charts
1- Whole day down moves in Bullish Falling Channels
2- Whole day actual trading between 23510-23873
Conclusions from intra day chart analysis
Live Proofs of our 100% accurate
Nifty predictions & Analysis
Following lines were told on 09-11-2024 in "Watch next supports & levels after Corrective Wave-4 continuation confirmations":-
1- Intermediate Term Correction is very much on and downward moves towards 200-Day SMA with its testing also can not be ruled out
2- downward moves are expected below today lowest(24066.65) in the beginning of next week.
3- Corrective Wave-4 is very much on and now in continuation towards following next supports
As was told 100% same happened
1- Nifty tested 200-Day SMA(Today at 23545) today and closed closed just above it at 23559.05 after forming today intraday lowest below it at 23,509.60.
2- Nifty corrected 648 points in this week.
Although whole day down after weaker opening and Nifty closed 1.36% down also but whole day today down moves were in Bullish Falling Channels therefore it will be understood that 1st signal of consolidation process has begun. As Indian markets were too much weaker today and Nifty tested Long Term Trend decider 200-Day SMA(Today at 23545) also therefore certainly Long Term Trend is at stake and finally sustaining beyond 200-Day SMA will confirm in the coming week/weeks:-
1- Emergence of 1st signal of correction completion will be after sustaining above it.
2- Depper correction beginning will be after sustaining below it because that will confirm Long Term Trend turning down.
As consolidation process has begun today and Short Term indicators have also turned Over sold therefore strong bounce back or Pull Back Rally will be seen in the coming 2/3 sessions.