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.