Firstly watch sustaining beyond 21338-21505 for next one sided decisive moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(20-12-2023)
Nifty-Intra Day Chart (19-Dec-2023):-
Technical Patterns formation in today intraday charts
1- 139 Points fall in first hour after positive opening
2- Consolidation between 21338-21405
3- Sharp up
4- Up moves in Bearish Rising Channels
5- Sharp down in last hour
6- Whole day actual trading between 21338-21505
Conclusions from intra day chart analysis
Although positive opening but could not sustain at higher levels and 139 Points fall was seen in first hour because good intraday selling was seen yesterday. As lower levels consolidation developed therefore Nifty moved up sharply also but after that up moves were in Bearish Rising Channels which is a selling pattern hence sharp down moves were also seen in last hour.
As whole day today trading will be understood with both lower levels consolidation and selling patterns formations therefore firstly Nifty will have to trade and prepare for next one side decisive moves which will be firstly done within and near about today trading range(21338-21505). Finally sustaining beyond today trading range will confirm next one sided moves beginning which should be firstly watched tomorrow.