Market Outlook for 10-12-2020 has been updated below but will not be able to post Outlook for 11-12-2020 because I shall be busy in a marriage.
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Watch 2 levels for Short term correction beginning confirmation
Nifty-Intra Day Chart Analysis &
Market Outlook(10-12-2020)
Nifty-Intra Day Chart (09-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channels
2- Slow up moves
3- Selling between 13525-13548
4- Whole day actual trading between 13450-13548
Conclusions from intra day chart analysis
As firstly more than 3 hours consolidation through Down moves in Bullish Falling Channels therefore after that up moves were seen which were slow and some selling was also seen at higher levels hence firstly Nifty has to consolidate within and near about today trading range for decisive up moves above today highest(13548).
Some selling was also seen through slow up moves and higher levels selling also in last hour therefore sustaining below 13525 will mean first signal of Short term correction beginning and confirmation will be after sustaining below today lowest(13450) hence these 2 levels should be firstly watched tomorrow for it.
Levels will confirm Short Term correction after selling process beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(09-12-2020)
Nifty-Intra Day Chart (08-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 13409-13435
2- Sharp down
3- Slow up moves with intraday corrections
4- Whole day actual trading between 13312-13435
Conclusions from
intra day chart analysis
As selling in first 2 hours therefore sharp down moves were seen after that but slow up moves with intraday corrections in last 3 hours therefore finally concluded that today trading will be understood with Mixed patterns formation.
As selling patterns were seen in last 2 sessions therefore emergence of selling process beginning and if more selling develops in the coming 1/2 sessions then decisive down moves will start. Let more selling develop in the coming sessions then Short Term correction will be seen and its confirmation will be sustaining below 13312/13272.
Levels will confirm Short Term correction or rally continuation
Nifty-Intra Day Chart Analysis &
Market Outlook(08-12-2020)
Nifty-Intra Day Chart (07-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Sideways trading between 13272-13320
2- Up moves in Bearish Rising Channels
3- Whole day actual trading between 13242-13366
Conclusions from intra day chart analysis
Although today closing was at the top of the day but intraday consolidation patterns were not seen and firstly 3 hours trading was sideways as well as last 3 hours selling patterns formations were through up moves in Bearish Rising Channels therefore if fresh selling develops tomorrow then Short Term correction will be seen.
Firstly sustaining beyond today highest(13366) and if sustains below today highest then sustaining beyond 13272-13366 should be watched tomorrow Short Term correction or rally continuation confirmations.
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