17185 Will confirm correction
towards next supports
Nifty-Intra Day Chart Analysis &
Market Outlook(17-12-2021)
Nifty-Intra Day Chart (16-Dec-2021):-
Technical Patterns formation in today intraday charts
1- More than 100 points fall in first hour after gap up opening
2- Up moves in Bearish Rising Channels
3- Down moves in Bullish Falling Channels
4- Sharp up in last hour
5- Whole day actual trading between 17185-17380
Conclusions from intra day chart analysis
Although strong US markets led gap up opening but 100 points fall in first hour because good intraday selling was seen in Indian markets one day before.
As consolidation at lower levels through Down moves in Bullish Falling Channels therefore some up moves were seen but not sustaining at higher levels also because selling at higher levels developed through Up moves in Bearish Rising Channels.
Higher levels good selling in last 3 sessions between below 17380 therefore firstly sustaining beyond 17185 should be firstly watched for Correction towards those supports which have been updated on 15-12-2021 in:-