24511-24574 is most Crucial
and next Trend decider
Nifty-Intra Day Chart Analysis &
Market Outlook(13-12-2024)
Nifty-Intra Day Chart (12-Dec-2024):-
Technical Patterns formation in today intraday charts
1- Selling between 24634-24675
2- Down moves with upward corrections
3- Sideways trading in last 2 hours between 24528-24574
4- Whole day actual trading between 24528-24675
Conclusions from intra day chart analysis
As more than 5 hours trading was with Mixed Patterns formation between 24624-24691 yesterday and Nifty was not prepared for any side bigger moves therefore firstly Nifty traded within this range today. Although firstly upward moves but clear fresh selling patterns developed at higher levels therefore decisive downward begun which remained continued till last half hour because follow up selling was also through Down moves with upward corrections.
Nifty consolidated between 24511-24570 on 10-12-2024 and traded sideways most time within this range between 24528-24574 in last 2 hours today also as well as these levels are near the lowest of last 5 sessions also therefore 24511-24574 has become most crucial because once sustaining below it or forceful break down of this range will confirm breaking down of last 5 sessions trading range and resultant deeper correction will be seen.
As sustaining below 24511 will confirm deeper correction beginning therefore firstly it should be watched because Nifty closed at the lowest of last 5 sessions today and if Nifty sustains above 24574 after fresh intraday consolidation then fresh and decisive upward moves will been hence 24511-24574 has become most Crucial and next Trend decider.