Firstly watch 14040-14244 for first signal of next Short Term trend beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(07-01-2021)
Nifty-Intra Day Chart (06-Jan-2021):-
Technical Patterns formation in today intraday charts
1- More than 4 hours selling between 14178-14244(immediate Resistances)
2- Sharp fall
3- Consolidation between 14040-14114
4- Last hour up move
5- Whole day actual trading between 14040-14244
Conclusions from intra day chart analysis
As firstly more than 4 hours selling therefore sharp down in Mid-session but lower levels consolidation hence up moves in last hour.
Both selling and buying between 14040-14244 therefore whole day trading will be understood with Mixed Patterns formation within this range and firstly Nifty has to trade and prepare for next decisive moves between and near about 14040-14244 as well as finally sustaining beyond this range will confirm next decisive moves.
Although Dow Jones is trading more than 700 points up but higher levels good selling between 14178-14244 today therefore until complete consolidation will not develop till then Nifty will not sustain above 14244 and follow up selling within this range will mean sharp correction if sustains below today lowest.
Firstly sustaining beyond 14040-14244 should be watched tomorrow for first signal of next Short Term trend beginning.