Finally correction continuation after follow up selling
Nifty-Intra Day Chart Analysis &
Market Outlook(16-10-2020)
Nifty-Intra Day Chart (14-Oct-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 11841-12025
2- Sharp down moves in last 3 hours
3- Whole day actual trading between 11662-12025
Conclusions from intra day chart analysis
Although Nifty closed at the top of the day yesterday but we were not Bullish because before that more than 4 hours trading between 11823-11883 was not with consolidation patterns but only with volatility therefore we were cautious hence told following lines yesterday in "Levels will confirm next decisive moves "
firstly sustaining beyond 12000 and after that 11782-11883 should be watched for next decisive moves confirmations.
Our Previous Outlooks on "Home Page" are live proofs of this fact that we are continuously telling that Nifty will not sustain above 12000 and it has been seen in this week.
As intraday patterns of previous sessions were showing selling patterns and today was its reaction day therefore sharp fall was seen with huge follow up selling and Nifty closed at the lower levels of the day after slipping 363 points from higher levels.
As Very-Very Short Term indicators have turned Oversold after today huge fall therefore some up moves can not be ruled out but expected that finally today started correction will remain continued after follow up selling in the coming 1/2 sessions.