Sideways between 13193-13564 in the next 1/2 sessions

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-12-2020)

Nifty-Intra Day Chart (22-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Sharp fall after positive opening

2- Down moves in Bullish Falling Channels

3- Up moves with downward corrections

4- Slow up moves

5- Sideways trading between 13395-13485

6- Whole day actual trading between 13193-13492

Conclusions from intra day chart analysis 

As sentiment was weak after huge crash yesterday therefore sharp fall after positive opening today but lower levels good consolidation through Down moves in Bullish Falling Channels. Although again consolidation through Up moves with downward corrections but some profit booking can not be rued out because last hours Up moves were slow and sideways trading in last hour between 13395-13485. 

Yesterday last hour trading was with volatility between 13248-13430 and Nifty traded whole day within and near about it as well as closed just above it at 13466.30. As more than 7 and half hour trading between 13193-13492 with lower levels supports therefore until fresh selling will not develop tomorrow till then Nifty will not sustain below today lowest(13193).

As good selling above 13564 yesterday and good consolidation above 13193 today therefore Nifty will remain sideways between 13193-13564 in the coming 1/2 sessions and prepare next decisive moves. Let Nifty prepare then break out/break down will be considered according to intraday patterns formations.

Immediate maximum target was given at 13777.75 on 05-12-2020 and published in following news papers of English and Gujarati also. 

Top of the rally was at 13777.50 before crashing 645 points 

on 21-12-2020

 Firstly watch 13248-13430 for next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-12-2020)

Nifty-Intra Day Chart (21-Dec-2020):-

Technical Patterns formation in today intraday charts

1- 5 Hours selling between 13564-13777(immediate Resistances)

2- 470 Points crash in 30 minutes

3- Last hour volatility between 13248-13430

4- Whole day actual trading between 13132-13777

Conclusions from intra day chart analysis 

Following lines were told on 05-12-2020 in "Rally continuation towards its immediate maximum target at 13777.75":-

maximum target of on going impulsive 

Wave-5(rally) of Nifty is at 13777.75 

Immediate maximum target was given at 13777.75 on 05-12-2020 and today highest was at 13777.50 before crashing 645 points.

As firstly 5 Hours selling between 13564-13777 and after that 470 points crash therefore it will be immediate resistance of Nifty. Last hour volatility between 13248-13430 and technical positions changes fast in such today like sentiments hence firstly sustaining beyond this range should be watched in the coming sessions for next decisive moves beginning.  

Finally sustaining below 13564 will be first signal of that rally completion which started from 7511.10 on 24-03-2020. Let more confirmation come then "ABC" correction of rally between 7511.10- 13777.50 will be considered. Although "ABC" correction is expected now but for precaution will be better to wait for more confirmations

 As still busy therefore Stock Market Outlook of 21-12-2020 is not being updated but Outlook of 22-12-2020 will be posted positively.

Market Outlook for 17-12-2020 has been updated below but will not be able to post Outlook  for 18-12-2020 because I shall be out of station due to the death of my Covid-19 affected Brother-in-law. 

Levels will confirm more up moves or Very Short Term correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-12-2020)

Nifty-Intra Day Chart (16-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Selling Patterns between 13639-13660

2- Slipping from higher levels

3- Sharp up after strong opening of European markets

4- Selling Patterns between 13669-13692

5- Whole day actual trading between 13607-13692

Conclusions from intra day chart analysis 

As Dow Jones closed more than 300 points up yesterday therefore most Asian markets were trading strong hence gap up opening of Indian markets but selling patterns formation in the first 3 hours and slipping from higher levels.

Sharp up after strong opening of European markets and today closing was also 0.85% up but again selling Patterns were seen between 13669-13692 in last 2 hours therefore Firstly Nifty has to consolidate for more decisive up moves above today highest and follow up selling tomorrow will mean down moves below today lowest(13607).

Firstly sustaining beyond 13669-13692 should be watched tomorrow for more up moves or Very Short Term correction confirmations.

Sustaining above 13589 is must for next decisive up moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-12-2020)

Nifty-Intra Day Chart (15-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections

2- Up moves with downward corrections

3- Sideways trading between 13553-13589 in last hours

4- Whole day actual trading between 13448-13589

Conclusions from intra day chart analysis 

As selling in previous sessions therefore firstly slipping more than 100 points with follow up selling through upward corrections but getting supports at levels and after that continuous up moves were seen with consolidation through downward corrections hence today trading will be understood with intraday volatility and without any side technical position formations. 

Last more than 1 hour sideways trading between 13553-13589 which is at the top of on going rally and today closing was at life time highest as well as only intraday volatility was seen today therefore firstly sustaining beyond 13553-13589 should be watched tomorrow because good selling was seen within and below this range in previous sessions and sustaining above 13589 is must for next decisive up moves beginning.

Just Watch 2 levels for first signal and confirmation of Short Term Correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-12-2020)

Nifty-Intra Day Chart (14-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Most time trading between 13505-13576

2- Down moves in Bullish Falling Channel

3- Up moves in Bearish Rising Channels

4- Whole day actual trading between 13473-13597

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 190 points up at the time of Indian Stock markets opening therefore strong opening but not sustaining at higher levels because good selling was seen between 13542-13579 last Friday and Nifty most time traded within and below yesterday selling range between 13505-13576 as well as closed within it at 13558.15 today. 

Selling was seen between 13525-13548 on 09-12-2020 also which means that 3 out of 4 previous sessions good selling has been developed between 13505-13579 but some consolidation also today within this range through Down moves in Bullish Falling Channel therefore valid break out of this range will generate strong signal of next big decisive move.

As overbought indicators have started to show negative divergence on EOD charts and intraday charts are also showing selling patterns formations therefore Short Term Correction is expected and its first signal will be valid break down of 13505 as well as confirmation will be sustaining below 13400.  

Just Watch above 2 levels for first signal and confirmation of Short Term Correction which may be deeper also. 

Sharp correction expectations

Nifty-Intra Day Charts Analysis & 

Market Outlook(14-12-2020)

Nifty-Intra Day Chart (Dec 10 & Dec 11,2020)

Technical Patterns formation in last 2 Sessions intraday charts

1- Consolidation between 13400-13442 on 09-12-2020(immediate supports)

2- Sharp up on 09-12-2020

4- Selling between 13542-13579 10-12-2020(immediate Resistances) 

5- Sharp down on 10-12-2020

6- Sharp up on 10-12-2020

7- 2 Sessions actual trading between 13400-13579 

Conclusions from 2 Sessions 

intra day chart analysis 

Last 2 Sessions trading between 13400-13579 with lower levels good consolidation 13400-13442 and higher levels equally Selling between 13542-13579 as well as last Friday closing was within these 2 ranges therefore Nifty is not prepared for any side decisive moves at this moment. Firstly Nifty will have to trade and prepare for next decisive moves between 13400-13579 which will be done in the beginning of next week. 

As last 3 sessions trading was between 13400-13579 and Short Term indicators are Overbought as well as selling was seen at higher levels of this range on 9th and 11th Dec therefore forceful break down/gap down/once sustaining below below 13400 will mean sharp more than 3% correction which is expected also in next week. 

Market Outlook for 10-12-2020 has been updated below but will not be able to post Outlook  for 11-12-2020 because I shall be busy in a marriage. 

Watch 2 levels for Short term correction beginning confirmation

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-12-2020)

Nifty-Intra Day Chart (09-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Slow up moves

3- Selling between 13525-13548

4- Whole day actual trading between 13450-13548

Conclusions from intra day chart analysis 

As firstly more than 3 hours consolidation through Down moves in Bullish Falling Channels therefore after that up moves were seen which were slow and some selling was also seen at higher levels hence firstly Nifty has to consolidate within and near about today trading range for decisive up moves above today highest(13548). 

Some selling was also seen through slow up moves and higher levels selling also in last hour therefore sustaining below 13525 will mean first signal of Short term correction beginning and confirmation will be after sustaining below today lowest(13450) hence these 2 levels should be firstly watched tomorrow for it.

 Levels will confirm Short Term correction after selling process beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-12-2020)

Nifty-Intra Day Chart (08-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 13409-13435

2- Sharp down  

3- Slow up moves with intraday corrections

4- Whole day actual trading between 13312-13435

Conclusions from 

intra day chart analysis 

As selling in first 2 hours therefore sharp down moves were seen after that but slow up moves with intraday corrections in last 3 hours therefore finally concluded that today trading will be understood with Mixed patterns formation.

As selling patterns were seen in last 2 sessions therefore emergence of selling process beginning and if more selling develops in the coming 1/2 sessions then decisive down moves will start. Let more selling develop in the coming sessions then Short Term correction will be seen and its confirmation will be sustaining below 13312/13272.

Levels will confirm Short Term correction or rally continuation 

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-12-2020)

Nifty-Intra Day Chart (07-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Sideways trading between 13272-13320

2- Up moves in Bearish Rising Channels

3- Whole day actual trading between 13242-13366

Conclusions from intra day chart analysis 

Although today closing was at the top of the day but intraday consolidation patterns were not seen and firstly 3 hours trading was sideways as well as last 3 hours selling patterns formations were through up moves in Bearish Rising Channels therefore if fresh selling develops tomorrow then Short Term correction will be seen.

Firstly sustaining beyond today highest(13366) and if sustains below today highest then sustaining beyond 13272-13366 should be watched tomorrow  Short Term correction or rally continuation confirmations.

Rally continuation towards its immediate maximum target at 13777.75

Technical Analysis,Research & Weekly Outlook

(Dec 07 to Dec 11,2020)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (04-Dec-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion.

2- Corrective  Wave 2 beginning after Wave 1 completion at 8968.70 on 07-09-2016

3- Impulsive Wave 3 beginning after Corrective Wave-2 completion at 7893.80 on 26-12-2016

4- Corrective  Wave 4 beginning after Wave 3 completion at 11760.20 on 28-08-2018 

5- Impulsive Wave 5 beginning after Corrective Wave-4 completion at 10004.55 on 26-10-2018

6- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning

7-Wave-A (11614.50 on 03-02-2020)

8-Wave-B (12246.70 on 14-02-2020)

9-Corrective Wave-C completion at 7511.10 on 24-03-2020.

10-Impulsive Wave-1 of new Waves structure begun at 7511.10 on 24-03-2020 which is in continuation with recent top formation at 13280.05 on 04-12-2020 

Conclusions from EOD chart analysis

(Waves structure)

Waves structure which started from 6825.80 on 29-02-2016 completed its impulsive moves after 5th wave completion at  12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" started. 

Wave-C of "ABC" correction completed at 7511.10 on 24-03-2020 and new waves structure begun which is in continuation with recent top formation at 13280.05 on 04-12-2020. 

Nifty-EOD Chart Analysis

(2020 Rally Waves structure)

Nifty-EOD Chart (04-Dec-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Wave-1(9889.05 on 30-04-2020)

3- Wave-2(8806.75 on 18-05-2020)

4- Wave-3(11794.30 on 31-08-2020)

5- Wave-4(10790.20 on 24-09-2020)

6- Impulsive Wave-5 continuation with recent top formation at 13280.05 on 04-12-2020

Conclusions from EOD chart analysis

(2020 Rally Waves structure)

Corrective Wave-C completed and Impulsive Wave-1 started from 7511.10 on 24-03-2020. Now its impulsive Wave-5 is in continuation with recent top formation at 13280.05 on 04-12-2020 and no indication of its completion yet.

Nifty-Weekly Chart Analysis

(Stochastic)

Nifty-Weekly Chart (04-Dec-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Impulsive Wave-5 continuation with recent top formation at 13280.05 on 04-12-2020

3- Stochastic at %K(5) is at 93.49 & %D(3) is at 93.93

Conclusions from Weekly chart analysis

(Stochastic)

Although Impulsive Wave-5 continuation with recent top formation at 13280.05 on 04-12-2020 and no indication of its completion yet on EOD and Weekly charts but Weekly Stochastic indicator is in Overbought zone therefore emergence of 1st indicator of correction beginning. 

As %K has not intersected downward %D yet therefore more indications are required for Intermediate Term correction beginning. 

Nifty-Intra Day Chart Analysis

(04-Dec-2020)

Nifty-Intra Day Chart (04-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- Down moves in Bullish Falling Channels

3- Up moves with downward corrections 

4- Whole day actual trading between 13153-13280

Conclusions from intra day chart analysis 

Firstly up moves after positive opening and after that Down moves in Bullish Falling Channels therefore finally up moves were seen in last hours which were with downward corrections.

  

As whole day consolidation through above mentioned intraday patterns formations and selling patterns were not seen last Friday therefore on going rally continuation is expected in the beginning of next week.

Conclusions

(After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is up. 

3- Short term trend is up.

Impulsive Wave-5 continuation with recent top formation at 13280.05 on 04-12-2020 and no indication of its completion yet on intraday,EOD and Weekly charts therefore rally continuation is expected in the beginning of next week.

Although Stochastic indicator is Overbought in EOD and  Weekly charts but %K has not intersected downward %D in both therefore more some more indications are required for Short and Intermediate Term correction beginning. 

As per Elliott Wave theory maximum target of on going impulsive Wave-5 of Nifty is at 13777.75. Its calculation is as follows:-                                                                                   

As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now impulsive Wave-5 is on and it should not gain more points than Wave-3  gained.

Impulsive Wave-1 gained=2377.95 points(9889.05-7511.10)

Impulsive Wave-3 gained=2987.55 points(11794.30-8806.75)

Impulsive Wave-5 has gained 2154.25 points till 04-12-2020(13280.05-10790.20)

As according to Elliott Wave theory Wave-5 can not gain more points than Wave-3 gained therefore on going impulsive Wave-5 will gain lesser points than 2987.55.

Impulsive Wave-5 started from 10790.20 on 24-09-2020 and it has to gain less than 2987.55 points therefore maximum target of on going impulsive Wave-5 is 13777.75(10790.20+2987.55)

As per above given calculation maximum target of on going impulsive Wave-5(rally) of Nifty is at 13777.75 but till now no selling patterns formations. If selling patterns develops on intraday,EOD and weekly charts in the coming week/weeks but without moving above 13777.75 then correction of whole rally which started from 7511.10 on 24-03-2020 will be considered.

Rally continuation towards its immediate maximum target 13777.75 is expected in next week.  

 Rally continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-12-2020)

Nifty-Intra Day Chart (03-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Whole day down moves in Bullish Falling Channels

2- Whole day sideways trading between 13108-13180

3- Whole day actual trading between 13108-13180

Conclusions from intra day chart analysis 

Following lines were told at 02:32 AM on 03-12-2020 in " Levels will confirm rally continuation or correction beginning":-

Expected that Nifty will firstly trade near about today highest and finally sustaining beyond 13070-13125 will confirm rally continuation or correction beginning 

Yesterday highest was at 13128.50 and Nifty traded whole day sideways below and above it between 13108-13180 with consolidation through whole day down moves in Bullish Falling Channels therefore rally continuation is expected tomorrow and sustaining above 13180 will confirm strong up moves.

 Levels will confirm rally continuation or correction beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-12-2020)

Nifty-Intra Day Chart (02-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 13070-13125

2- Sharp fall 

3- Down moves in Bullish Falling Channel

4- Up moves with downward corrections

5- Whole day actual trading between 12984-13128

Conclusions from intra day chart analysis 

As firstly more than 3 hours good selling therefore sharp fall after that but lower levels consolidation was seen through Down moves in Bullish Falling Channel. Although last hour up moves were with downward corrections and closing was at the top of the day but good selling was in first 3 hours therefore more consolidation is firstly required near about today lowest for immediate rally.

Expected that Nifty will firstly trade near about today highest and finally sustaining beyond 13070-13125 will confirm rally continuation or correction beginning which should be firstly watched tomorrow.

Short term correction expectations

Nifty-Intra Day Chart Analysis &

 Market Outlook(02-12-2020)

Nifty-Intra Day Chart (01-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Whole day up moves in Bearish Rising Channels

2- Whole day actual trading between 12963-13128

Conclusions from intra day chart analysis 

As Dow John's Futures was trading more than 200 points up today morning and most Asian markets were also trading positive therefore positive opening of Indian markets. 

Dow John's Futures remained moving up and most European were also trading with good gains hence whole day rally continuation as well as closing was near the top of the day but up moves were in Bearish Rising Channels therefore firstly consolidation is required for sustaining above today highest(13128) despite SGX Nifty now trading more than 70 points up above 13200.

As Short term indicators are over bought and today intraday charts are showing selling indications also therefore fresh selling and sustaining below today lowest will mean Short term correction beginning which is expected in the coming 1/2 sessions.

Firstly watch levels amid Short to Intermediate term correction beginning possibility

Technical Analysis,Research & Weekly Outlook

(Dec 01 to Dec 04,2020)

Nifty-EOD Chart Analysis

(2020 Rally Waves structure)

Nifty-EOD Chart (27-Nov-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Wave-1(9889.05 on 30-04-2020)

3- Wave-2(8806.75 on 18-05-2020)

4- Wave-3(11794.30 on 31-08-2020)

5- Wave-4(10790.20 on 24-09-2020)

6- Impulsive Wave-5 continuation with recent top formation at 13145.90 on 25-11-2020

Conclusions from EOD chart analysis

(2020 Rally Waves structure)

Corrective Wave-C completed and Impulsive Wave-1 started from 7511.10 on 24-03-2020. Now its impulsive Wave-5 is on with recent top formation at 13145.90 on 25-11-2020.

Nifty-EOD Chart Analysis 

(Bearish Rising Wedge & Stochastic)

Nifty-EOD Chart (27-Nov-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent top formation at 13145.90 on 25-11-2020

2- Stochastic showing negative divergence with %K(5) is at 47.61 & %D(3) is at 59.42 

Conclusions from EOD chart analysis

(Corrective Waves)

As Bearish Rising Wedge formations therefore signals developed of Short to Medium Term correction. Short Term indicator Stochastic is showing negative divergence and %K intersected %D downward therefore it is also indicating that Short Term correction is on cards.

Nifty-Last 9 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Nov 17 to Nov 27,2020):-

Technical Patterns formation in last 9 Sessions intraday charts

1- Selling(Resistances) in last 9 sessions are between:-

A- 12965-13035

B- 13118-13145

2- Consolidation(Supports) in last 9 sessions are sessions:-

A- 12854-12887

B- 12791-12830

C- 12731-12772

3- 9 Sessions actual trading between 12731-13145 

Conclusions from 9

Sessions intra day chart analysis 

Although selling at higher levels but buying was also seen at lower levels in last 9 sessions therefore expected that Nifty will firstly trade and prepare for next Short to Medium Term trend in next week between 12731-13145 and finally sustaining it beyond will generate big moves which should be watched in the coming week/weeks.

Nifty-Intra Day Chart Analysis

(27-Nov-2020)

Nifty-Intra Day Chart (27-Nov-2020):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Selling between 12971-13035

3- Volatility in last hour between 12915-12983 

4- Whole day actual trading between 12915-13035

Conclusions from intra day chart analysis 

As firstly buying through Down moves in Bullish Falling Channel therefore some up moves were seen Mid-Session but good selling developed therefore last Friday trading will be understood with Mixed Patterns formation.  

Although Volatility in last hour but no material change in intraday technical positions therefore sustaining beyond last Friday trading range(12915-13035) will generate first strong signal of next decisive moves beginning which should be firstly watched in next week amid downward moves possibility below 12915 because good selling in Mid-Session.

Conclusions (After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is up 

3- Short term trend is sideways between 12731-13145 for the last(9 Sessions)

Nifty will firstly trade between 12731-13145 in the coming 1/2 sessions on next week. As Bearish Rising Wedge formations and Short Term indicator Stochastic is also showing correction beginning signals therefore fresh selling and sustaining below 12731 will mean short Term correction towards next crucial supports between 12605-12690. 

As sustaining below 11605 will confirm deeper correction possibility therefore must be finally watched in the situation of correction beginning.

Firstly watch sustaining beyond 12731-13145 amid Short to Intermediate term correction beginning possibility according to above given levels.

 Watch 12791-13145 for next

 Short Term Trend 

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-11-2020)

Nifty-Intra Day Chart (26-Nov-2020):-

Technical Patterns formation in today intraday charts

1- Consolidation between 12791-12855

2- Consolidation between 12872-12925

3- Last hour Up moves in Bearish Rising Channel  

4- Whole day actual trading between 12791-13018

Conclusions from intra day chart analysis 

Although firstly slipping after positive opening but lower levels consolidation and after that follow up consolidation in Mid-session also therefore up moves remained continued till last minutes. As Last hour Up moves were in Bearish Rising Channel therefore higher levels some profit booking was also seen.

Selling was seen between 12965-13035 yesterday and some profit booking was within and near about this range today also therefore firstly fresh consolidation and after that sustaining above 13035 is required for next up moves. 

As both lower levels buying and higher levels selling between 12791-13145 in last 2 sessions therefore Nifty will trade and prepare and prepare for next decisive moves within and near about this range in the coming 1/2 sessions and finally sustaining it beyond will generate next Short Term Trend which should be firstly watched.

 Firstly watch next 3 supports for the life of today started Global markets led correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-11-2020)

Nifty-Intra Day Chart (25-Nov-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 13118-13145(immediate Resistances)

2- Sharp fall

3- Selling between 12965-13035(immediate Resistances)

4- Sharp fall

5- Falling Wedge formation in last hour

6- Whole day actual trading between 12834-13145

Conclusions from intra day chart analysis 

Although Asian markets were mixed but Indian markets opened strong and traded with good gains also. Some selling was seen in first hour but as soon as Dow's Futures started to slip then sharp fall was seen.

 

As follow up selling between 12965-13035 in Mid-session therefore again sharp fall after weaker opening of all European markets but some consolidation was seen in last hour through Falling Wedge formation. 

Next supports below today closing are as follows:-

1- 12840-12886

2- 12737-12782

3- 12605-12690

As Dow Jones is now trading more than 175 points down and now a days all the Global markets are following US markets therefore firstly sustaining beyond above mentioned next 3 supports should be watched in the coming sessions for the life of today started Global markets led correction.

Rally continuation

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-11-2020)

Nifty-Intra Day Chart (24-Nov-2020):-

Technical Patterns formation in today intraday charts

1- Consolidation between 12978-13048

1- Up moves with downward corrections

3- Whole day actual trading between 12978-13079

Conclusions from intra day chart analysis 

As Dow Jones closed 327 points up yesterday and its Futures was also trading with 245 points gains today morning therefore Nifty opened gap up strong above 13000  but consolidated below 13000 because some selling was seen at higher levels yesterday.

Firstly consolidation between 12978-13048 and after that whole day up moves with downward corrections therefore rally will remain continued. Until complete selling patterns will not develop on Intraday and EOD charts till then big correction will not seen,let it happen then firstly Short Term correction will be considered. As selling patterns were not seen today therefore on going rally will remain continued.