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.