Finally Levels will confirm next Trend after Reserve Bank of India MPC policy decisions led volatility
Nifty-Intra Day Chart Analysis &
Market Outlook(06-12-2024)
Nifty-Intra Day Chart (05-Dec-2024):-
Technical Patterns formation in today intraday charts
1- 233 Points fall in first 2 hours
2- Consolidation between 24312-24384
3- Sharp up
4- Consolidation between 24565-24670
5- Sharp up
6- Selling between 244771-24857
7- Volatility in last hour between 24494-24752
8- Whole day actual trading between 24296-24857
Conclusions from intra day chart analysis
As higher levels intraday selling was seen in previous sessions therefore firstly 233 Points fall was seen in first 2 hours and Nifty traded 71 points below the lowest(24367) of yesterday also but lower levels consolidation developed therefore sharp upward moves were seen after that. More than 2 hours follow up intraday consolidation was also seen in Mid- session therefore again sharp up moves developed after that but higher levels good selling was also seen therefore 323 points sharp fall in only 12 minutes and huge volatility in last hour between 24494-24752.
All these today upward moves and high last hour volatility was on the expectations of Reserve Bank of India led Monetary Policy Committee (MPC) bi-monthly policy decisions which will unveil tomorrow at 10:00 am and this volatility may be seen tomorrow also therefore firstly sustaining beyond today 2nd consolidation and selling range(24565-24857) should be watched tomorrow for next intraday decisive moves beginning confirmations.