Finally correction without sustaining above 12000
Nifty-Intra Day Chart Analysis &
Market Outlook(13-10-2020)
Nifty-Intra Day Chart (12-Oct-2020):-
Technical Patterns formation in today intraday charts
1- Down moves with upward corrections
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Whole day actual trading between 11868-12022
Conclusions from intra day chart analysis
As most Asian markets were trading with good gains therefore strong gap opening and firstly trading also above 12000 but not sustaining and started to slip.
Although first 3 hours down moves were with upward corrections which means that down moves with continuous selling but some lower levels consolidation was also seen Down moves in Bullish Falling Channel therefore today lowest will be immediate supports of nifty.
As last hour slow up moves were in Bearish Rising Channel therefore follow up selling will be understood which means that intraday chart of today is showing sufficient selling.
More or less today trading will be understood will higher levels selling and expected that finally correction will be below today lowest without sustaining above 12000 despite Dow Jones is now trading more than 300 points up and SGX Nifty is now trading above 12000.