Market Outlook for 17-12-2020 has been updated below but will not be able to post Outlook  for 18-12-2020 because I shall be out of station due to the death of my Covid-19 affected Brother-in-law. 

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.

Sustaining above 13589 is must for next decisive up moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-12-2020)

Nifty-Intra Day Chart (15-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections

2- Up moves with downward corrections

3- Sideways trading between 13553-13589 in last hours

4- Whole day actual trading between 13448-13589

Conclusions from intra day chart analysis 

As selling in previous sessions therefore firstly slipping more than 100 points with follow up selling through upward corrections but getting supports at levels and after that continuous up moves were seen with consolidation through downward corrections hence today trading will be understood with intraday volatility and without any side technical position formations. 

Last more than 1 hour sideways trading between 13553-13589 which is at the top of on going rally and today closing was at life time highest as well as only intraday volatility was seen today therefore firstly sustaining beyond 13553-13589 should be watched tomorrow because good selling was seen within and below this range in previous sessions and sustaining above 13589 is must for next decisive up moves beginning.

Just Watch 2 levels for first signal and confirmation of Short Term Correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-12-2020)

Nifty-Intra Day Chart (14-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Most time trading between 13505-13576

2- Down moves in Bullish Falling Channel

3- Up moves in Bearish Rising Channels

4- Whole day actual trading between 13473-13597

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 190 points up at the time of Indian Stock markets opening therefore strong opening but not sustaining at higher levels because good selling was seen between 13542-13579 last Friday and Nifty most time traded within and below yesterday selling range between 13505-13576 as well as closed within it at 13558.15 today. 

Selling was seen between 13525-13548 on 09-12-2020 also which means that 3 out of 4 previous sessions good selling has been developed between 13505-13579 but some consolidation also today within this range through Down moves in Bullish Falling Channel therefore valid break out of this range will generate strong signal of next big decisive move.

As overbought indicators have started to show negative divergence on EOD charts and intraday charts are also showing selling patterns formations therefore Short Term Correction is expected and its first signal will be valid break down of 13505 as well as confirmation will be sustaining below 13400.  

Just Watch above 2 levels for first signal and confirmation of Short Term Correction which may be deeper also. 

Sharp correction expectations

Nifty-Intra Day Charts Analysis & 

Market Outlook(14-12-2020)

Nifty-Intra Day Chart (Dec 10 & Dec 11,2020)

Technical Patterns formation in last 2 Sessions intraday charts

1- Consolidation between 13400-13442 on 09-12-2020(immediate supports)

2- Sharp up on 09-12-2020

4- Selling between 13542-13579 10-12-2020(immediate Resistances) 

5- Sharp down on 10-12-2020

6- Sharp up on 10-12-2020

7- 2 Sessions actual trading between 13400-13579 

Conclusions from 2 Sessions 

intra day chart analysis 

Last 2 Sessions trading between 13400-13579 with lower levels good consolidation 13400-13442 and higher levels equally Selling between 13542-13579 as well as last Friday closing was within these 2 ranges therefore Nifty is not prepared for any side decisive moves at this moment. Firstly Nifty will have to trade and prepare for next decisive moves between 13400-13579 which will be done in the beginning of next week. 

As last 3 sessions trading was between 13400-13579 and Short Term indicators are Overbought as well as selling was seen at higher levels of this range on 9th and 11th Dec therefore forceful break down/gap down/once sustaining below below 13400 will mean sharp more than 3% correction which is expected also in next week.