Short Term correction in both 

Nifty & Bank-Nifty

Nifty & Bank-Nifty Weekly Outlook

(Jan 04 to Jan 08,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (01-Jan-2021):-

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(12025.50 on 15-10-2020)

5- Wave-4(11535.50 on 30-10-2020)

6- Impulsive Wave-5 continuation with recent top formation at 14049.85 on 01-01-2021

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C completed and Impulsive Wave-1 started from 7511.10 on 24-03-2020. As per previously given Waves structure maximum target of Nifty was at 13777.75 but Nifty has moved above it in last week therefore Waves have been recounted and new waves structure has been given.  

As per new waves structure impulsive Wave-5 continuation with recent top formation at 14049.85 on 01-01-2021 and no confirmation of its completion yet on EOD charts.

 

Nifty-Last 4 Sessions intraday charts analysis

Nifty-Intra Day Chart (Dec 29 2020  to Jan 01,2021):-

Technical Patterns formation in last 4 Sessions intraday charts

1- Last 4 sessions up moves in Bearish Rising Channel 

2- 4 Sessions actual trading between 13865-14049 

Conclusions from 4 Sessions intra day chart analysis 

As last 4 sessions up moves in Bearish Rising Channel therefore it seems that selling process is on in Indian markets and expected that finally decisive down moves will begin in next week and Nifty will slip below last 4 sessions lowest(13865).

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-01-2021)

Nifty-Intra Day Chart (01-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 14023-14036

2- Sharp fall

3- Selling between 14027-14040

4- Selling between 14037-14049

5- Sharp fall

6- Whole day actual trading between 13992-14049

Conclusions from intra day chart analysis 

As continuous selling after every rise above 14000 last Friday therefore expected that Nifty will slip and sustain below 14000 in the beginning of next week.

Nifty-Conclusions 

(After Putting All Studies Together)

All trends are up. Impulsive Wave-5 continuation and no indication of its completion yet on EOD charts but last 4 sessions up moves in Bearish Rising Channel and last Friday intraday charts are showing good selling patterns formations therefore it seems that selling process is on in Indian markets and expected that finally decisive down moves will begin in next week and Nifty will slip below last 4 sessions lowest(13865).

Bank-Nifty-EOD Chart Analysis

(Corrective Waves)

Bank-Nifty-EOD Chart (01-Jan-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 16116.30 on 24-03-2020 and Wave-B beginning

2- Wave-a of Wave-B(25232.60 on 31-08-2020)

3- Wave-b of Wave-B(20404.90 on 24-09-2020)

4- Wave-c of Wave-B continuation with recent top formation at 31510.30 on 30-12-2020

Conclusions from EOD chart analysis

(Corrective Waves)

Life time highest formation of Bank-Nifty at 32613.10 on 30-12-2019 and its sharp "ABC" correction started in Feb 2020. Its corrective Wave-A completed at 16116.30 on 24-03-2020 and now Wave-c of Wave-B continuation with recent top formation at 31510.30 on 30-12-2020 as well as no indication of its completion yet on EOD charts.

Bank-Nifty-Last 4 Sessions 

intraday charts analysis

Bank-Nifty-Intra Day Chart (Dec 29 2020  to Jan 01,2021):-

Technical Patterns formation in last 4 Sessions intraday charts

1- Last 4 sessions selling between 31260-31392

2- Consolidation in first 2 sessions between 31003-31169

3- 4 Sessions actual trading between 31003-31510 

Conclusions from 4 Sessions intra day chart analysis 

Although some consolidation at lower levels in first 2 sessions but higher levels good selling in last 4 sessions therefore expected that Bank-Nifty will not sustain above 31392 and will slip 31000 in next week.

Bank-Nifty-Intra Day Chart Analysis 

& Market Outlook(01-01-2021)

Bank-Nifty-Intra Day Chart (01-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 31270-31384

2- Sharp fall

3- Whole day actual trading between 31189-31384

Conclusions from intra day chart analysis 

As continuous good selling till 03:00 PM therefore sharp fall in last half hour and expected that Bank-Nifty will slip and sustain below 31000 in the beginning of next week.

Bank-Nifty-Conclusions

(After Putting All Studies Together)

As Bank-Nifty has not moved above life time highest(32613.10) in that 2020 rally which started after Feb-2020 sharp fall therefore this post 24 March 2020 rally will be understood corrective Wave-B. 

All trends are up. Now Wave-c of Wave-B continuation and no indication of its completion on EOD charts. Last 4 Sessions sideways trading between 31003-31392 with higher levels good selling and lower levels some buying. As selling was seen last Friday also therefore expected that Bank-Nifty will slip and sustain below last 4 sessions lowest(31003) because good higher levels selling in last 4 sessions.

Conclusions

(After Putting All Studies Together)

As Short Term indicators of Nifty and Bank-Nifty have turned Over bought and intraday charts of last 4 sessions in both are showing selling also therefore Short Term correction is expected in next week below 13800 and 30500 respectively.

 

Short Term correction in the first week of next year 

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-01-2021)

Nifty-Intra Day Chart (31-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channels

2- Down moves in Bullish Falling Channel

3- Whole day sideways trading between 13957-14024

4- Whole day actual trading between 13937-14024

Conclusions from intra day chart analysis 

Whole day sideways trading between 13957-14024 with higher levels selling through Up moves in Bearish Rising Channels and lower levels buying also through Down moves in Bullish Falling Channel therefore firstly sustaining beyond 13957-14024 should be watched in the coming sessions for next decisive moves beginning confirmations. 

Selling process is on for the last 2 sessions and higher levels selling was seen today also. Although some lower levels buying today but expected that follow up selling will develop in the coming sessions and Short Term correction will be seen below 13800 in the first week of next year therefore be cautious.

Short Term correction expectations after coming sessions follow up selling

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-12-2020)

Nifty-Intra Day Chart (30-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 13894-13947

2- Sharp slipping

3- Slow up moves in last 3 hours

4- Whole day actual trading between 13865-13997

Conclusions from intra day chart analysis 

As most Asian markets were trading strong therefore Indian markets gap up opening but not sustaining and slipping fast to negative zone in first 4 minutes therefore it will be understood that Indian markets under performed Global cues today.

Although firstly 3 hours selling and after that slipping sharply also but up moves in last 3 hours were seen. As these up moves were slow therefore some selling on the back of these slow up moves can not be ruled out. 

Selling patterns formations yesterday and again selling was seen today therefore selling process continuation will be understood and Short Term correction will be expected after coming sessions follow up selling.

 Short Term correction after next 

1/2 sessions follow up selling

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-12-2020)

Nifty-Intra Day Chart (29-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 13937-13967

2- Supports and sideways trading between 13860-13916

3- Selling between 13918-13939

4- Whole day actual trading between 13860-13967

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 120 points up and most Asian markets were strong therefore strong gap up opening of Indian markets but selling developed hence 100 points fall was seen before 11:00 AM. 

Lower levels some supports and 2 hours sideways trading therefore after that some up moves were seen but again selling developed in last 2 hours hence it will be understood that selling process has been started because higher levels selling developed today.

As Short Term Indicators are Over bought therefore Short Term correction will be seen but follow up selling is firstly required in the next 1/2 sessions. 

Rally continuation expectations after fresh consolidation near about today highest

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-12-2020)

Nifty-Intra Day Chart (28-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Slow up moves with downward corrections

3- Whole day actual trading between 13812-13885

Conclusions from intra day chart analysis 

As President Donald Trump signed the stimulus deal Sunday night therefore Dow Jones Futures was trading more than 140 points up today morning and resultant Nifty opened gap up and rally continuation with new life time highest.

Although firstly consolidation through Down moves in Bullish Falling Channel but last 3 hours slow up moves with downward corrections therefore some profit booking can not be ruled out at higher levels hence fresh consolidation is firstly required tomorrow for decisive up moves above today highest.

As US markets led Global markets rally is very much on and Indian markets consolidate at higher levels after getting strong Dow Jones closing and/or its positive zone trading Futures in morning hours therefore it also has to be watched for the confirmation of Indian markets opening and initial hours trading.

Correction will be considered only after fresh selling and sustaining below today lowest otherwise at present rally continuation will be expected after fresh consolidation near about today highest.

 Watch crucial levels for confirmation after 646 points volatile week

Technical Analysis,Research & Weekly Outlook

(Dec 28 2020 to Jan 01,2021)

Nifty-EOD Chart Analysis 

(2020 Rally Waves structure)

Nifty-EOD Chart (24-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 13777.50 on 21-12-2020

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 13777.50 on 21-12-2020 and no confirmation of its completion yet.

Although 646 points huge fall on 21-12-2020 after new life time highest formation at 13777.50 but strong recovery in the next 3 sessions and previous closing was at 13749.3 on 24-12-2020 which is just below life time high therefore view will not be Bearish but 13777.75 is most crucial level for the validity of Waves structure and it should be firstly watched in next week because down moves without moving above 13777.75 will mean correction of whole that rally which started from 7511.10 on 24-03-2020. 

Nifty-Last 6 Sessions intraday charts analysis

Nifty-Intra Day Chart (Dec 17 to Dec 24,2020):-

Technical Patterns formation in last 6 Sessions intraday charts

1- 3 Sessions selling between 13715-13777 from 17th Dec to 21st Dec 2020

2- Consolidation between 13194-13345 on 22-12-2020(immediate supports)

3- Trading between 13715-13772 on 24-12-2020 

4- 6 Sessions actual trading between 13131.5-13777.50 

Conclusions from 6 Sessions 

intra day chart analysis 

As 3 sessions selling between 13715-13777 therefore huge fall on 21-12-2020 but good consolidation between 13194-13345 on 22-12-2020 and it will be immediate supports hence at present Nifty will be understood sideways between 13194-13777. 

Nifty traded more than 3 hours within 3 Sessions selling range(13715-13777) on 24-12-2020 and closed also within it but intraday patterns are not showing any clear patterns therefore firstly 13715-13777 should be watched in the beginning of next week for first signal of next decisive moves beginning. 

Nifty-Intra Day Chart Analysis

(24-Dec-2020)

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

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Down moves in Bullish Falling Channel

3- Last 4 hours slow up moves with downward corrections

4- Whole day actual trading between 13627-13771

Conclusions from intra day chart analysis 

As gap up opening and after that consolidation in first 2 hours through Up moves with downward corrections and Down moves in Bullish Falling Channel therefore rally continuation in last 4 hours. 

Although closing was near the top of the day but last 4 hour up moves were slow and 3 times downward corrections were also seen therefore some profit booking can not be ruled out hence firstly Nifty has to consolidate within last Thursday trading range(13627-13771) in next week for fresh up moves which should be firstly watched in the beginning of next week for its confirmations.

Conclusions

(After Putting All Studies Together)

All trends are up and impulsive Wave-5 continuation with recent top formation at 13777.50 on 21-12-2020 as well as no confirmation of its completion yet.

Immediate maximum target of Nifty was posted at 13777.75 on 05-12-2020 in "Rally continuation towards its immediate maximum target at 13777.75" and Nifty crashed 646 points on 21-12-2020 after recent top formation at 13777.50. It means that if correction remains continued without Nifty moving above 13777.75 then "ABC" correction of whole that rally will be seen which started from 7511.10 on 24-03-2020. 

Previous week was highly volatile because first day was of 646 points huge fall and next 3 days were of almost whole 646 points recovery. As Short term technical positions reverses fast in such high volatility therefore firstly following crucial levels should be watched in next week for the confirmation of next decisive moves beginning;-

1- Nifty closed just below 13777.75 at 13749.25 therefore 13777.75 should be firstly watched in next week for the validity of Waves structure because moving above 13777.75 will mean recalculation of Waves structure. 

2- Immediate resistances are between 13715-13777 and sustaining below 13715 will confirm correction continuation towards next supports between 13194-13345  

Watch 13564-13715 for next decisive moves confirmations 

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-12-2020)

Nifty-Intra Day Chart (23-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 13433-13619

Conclusions from intra day chart analysis 

As whole day up moves were with downward corrections therefore only some up moves will be considered above today highest(13619) because:-

1- Fresh selling was above 13564 before sharp fall on 21-12-2020 

2- Strong resistances are lying between 13715-13777

As Very Short Term indicators have turned overbought and above mentioned resistances are above today highest therefore firstly Nifty has to consolidate near about today highest for more decisive up moves.Fresh selling and down moves without moving above 13715 will mean correction towards the lowest of last Monday(13132). 

Firstly Nifty has to prepare for next decisive moves within and near about 13564-13715 and its valid break out/down will confirm it therefore should be watched tomorrow for confirmations. 

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.