Follow up selling and today lowest will confirm Short term correction
Nifty-Intra Day Chart Analysis &
Market Outlook(12-11-2020)
Nifty-Intra Day Chart (11-Nov-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 12709-12769
2- Sharp fall
3- Consolidation between 12572-12644
4- Slow up moves
5- Selling between 12725-12760
6- Whole day actual trading between 12572-12769
Conclusions from intra day chart analysis
Although firstly moved up after gap up opening but selling developed at higher levels therefore sharp fall was seen. As lower levels consolidation between 12572-12644 therefore up move were seen which were slow and follow up selling was seen at higher levels hence down moves are expected towards today lowest(12572) in the coming sessions. Once follow up selling and sustaining below today lowest will confirm Short term correction towards 12400.