17509-17634 will confirm next Trend
Nifty-Intra Day Chart Analysis &
Market Outlook(09-12-2021)
Nifty-Intra Day Chart (08-Dec-2021):-
Technical Patterns formation in today intraday charts
1- Whole day up moves with downward corrections
2- Whole day actual trading between 17309-17484
Conclusions from intra day chart analysis
As US markets closed strong yesterday and its Futures were trading in Green also therefore sentiment turned strong today morning hence firstly gap up opening in Indian markets and after that whole day up moves were with downward corrections.
Although only consolidation patterns formations and selling were not seen today but next strong resistances are lying just above today highest between 17509 and 17634 and Very Short Term indicators have turned Overbought also therefore complete fresh consolidation is required for rally above 17634.
Expected that Nifty will firstly trade near about today highest and prepare for next decisive moves. Firstly sustaining beyond 17509-17634 should be watched in the coming sessions for confirming next Trend.