Short term correction expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(02-12-2020)
Nifty-Intra Day Chart (01-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Whole day up moves in Bearish Rising Channels
2- Whole day actual trading between 12963-13128
Conclusions from intra day chart analysis
As Dow John's Futures was trading more than 200 points up today morning and most Asian markets were also trading positive therefore positive opening of Indian markets.
Dow John's Futures remained moving up and most European were also trading with good gains hence whole day rally continuation as well as closing was near the top of the day but up moves were in Bearish Rising Channels therefore firstly consolidation is required for sustaining above today highest(13128) despite SGX Nifty now trading more than 70 points up above 13200.
As Short term indicators are over bought and today intraday charts are showing selling indications also therefore fresh selling and sustaining below today lowest will mean Short term correction beginning which is expected in the coming 1/2 sessions.