Watch today trading range amid sharp down moves possibility
Nifty-Intra Day Chart Analysis &
Market Outlook(05-01-2021)
Nifty-Intra Day Chart (04-Jan-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 14082-14112
2- Sharp fall
3- Slow up moves with downward corrections
4- Whole day actual trading between 13954-14147
Conclusions from intra day chart analysis
As sentiment was Bullish due to Covind-19 Vaccine news and strong most Asian markets therefore gap up opening of Indian markets but immediately selling developed hence sharp fall was seen.
Although today closing was at the top of the day but last 5 hours up moves were slow hence some selling can not be ruled and downward corrections was also seen during these up moves therefore some buying will also be considered.
As one sided technical patterns formations were not seen during today volatility therefore Nifty will firstly trade within today trading range tomorrow and finally valid break out of today trading range should be watched in the coming sessions amid sharp down moves possibility below today lowest(13954) because today lowest was much below last Friday lowest and little above last Thursday lowest.