Remain cautious amid Wave-B rally continuation expectations

Technical Analysis,Research & Weekly Outlook

(Oct 22 to Oct 25,2019)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (18-Oct-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion.
2- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 11760.20 on 28-08-2018 and corrective Wave-4 beginning
5- Corrective  Wave-4 completion at 10004.55 on 26-10-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A beginning
7- Corrective Wave-A  completion at 10637.15 on 23-08-2019
8- Wave-B continuation with recent top formations at 11694.85 on 23-09-2019

Conclusions from EOD chart analysis 

All the trends have turned up after previous week rally which closed at the top of Wave-B last Friday. Next resistances above last Friday highest(11684.70) are between 11936-11976 therefore Wave-B rally continuation towards it will be expected.  

It should be kept in mind that Short Term indicators have also turned overbought after previous week rally and Short Term correction may begin any day therefore remain cautious in next week.

Remain cautious after overbought Short Term indicators 

Intra Day Chart Analysis & Market Outlook

(18-10-2019)

Nifty-Intra Day Chart (17-Oct-2019):-

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Technical Patterns formation in today intraday charts

1- More than 3 hours consolidation between 11450-11482
2- Last 3 hours up moves with intraday corrections
3- Whole day actual trading between 11450-11599

Conclusions from intra day chart analysis 

As selling between 11446-11466 yesterday therefore Firstly 3 hours fresh consolidation between 11450-11482 and after that last 3 hours up moves with intraday corrections as well as selling patterns were not seen therefore on going rally continuation will be considered.

Last resistances of post Nirmala Sitaraman Press conference rally are between 11590-11660 and sustaining above 11660 after follow up consolidation will confirm rally towards 12000. As Short Term indicators have also turned overbought and Short Term correction may be seen any day therefore remain cautious also.

11412-11481 will confirm next decisive moves

Intra Day Chart Analysis & Market Outlook

(17-10-2019)

Nifty-Intra Day Chart (16-Oct-2019):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Selling between 11446-11466
3- Consolidation between 11412-11436
4- Whole day actual trading between 11412-11481

Conclusions from intra day chart analysis 

Although closing was near the higher levels of the day after lower levels consolidation but some selling was also seen in Mid-session therefore intraday trading will be understood with Mixed patterns formations and firstly valid break out of Day's trading range(11412-11481) should be watched for next decisive moves confirmations.

Rally continuation towards next resistances

Intra Day Chart Analysis & Market Outlook

(16-10-2019)

Nifty-Intra Day Chart (15-Oct-2019):-

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Technical Patterns formation in today intraday charts

1- Slow up moves after flat opening
2- Consolidation between 11387-11414
3- Volatility between 11422-11462 in last 2 hours
4- Whole day actual trading between 11343-11462

Conclusions from intra day chart analysis 

As Dow Futures was trading in Green and most Asian markets were also trading in positive zone therefore firstly flat opening and after that more than 3 hours continuation slow up moves up tp yesterday highest because selling was seen at these levels yesterday.

Although consolidation between 11387-11414 in Mid-Sessions but higher levels volatility was also seen in last 2 hours therefore fresh consolidation is required near about today highest for on going rally continuation. Next resistances are as follows:-

1- 11486 11510
2- 11521- 11581
3- 11590- 11660 

As clear selling patterns were not seen and consolidation developed also today therefore rally continuation is expected towards above mentioned next resistances in the coning sessions.

Fresh down moves expectations

Intra Day Chart Analysis & Market Outlook

(15-10-2019)

Nifty-Intra Day Chart (14-Oct-2019):-

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Technical Patterns formation in today intraday charts

1- Minor supports at lower levels
2- Selling between 11392-11420
3- Selling between 11353-11378
4- Sharp fall in last hour
5- Whole day actual trading between 11290-11420

Conclusions from intra day chart analysis 

As positive development in US-China Trade War last Friday therefore Asian markets were blasting today morning resultant positive opening of Indian markets.

Although firstly slipping and getting supports at lower levels but higher levels good selling therefore fresh down moves below today lowest are expected in the coming sessions.