Strong signals of deeper correction beginning from next week

Technical Analysis,Research & Weekly Outlook

(Feb 17 to Feb 21,2020)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (14-Feb-2020):-

Just click on chart for its enlarged view

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 continuation with new life time high formation at 12430.50 on 20-01-2020

Nifty-EOD Chart Analysis 

(Wave-iii of Wave-5 structure)

Nifty-EOD Chart (14-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Corrective Wave-ii of Wave-5 completion at 10637.10 on 23-08-2019 and impulsive Wave-iii beginning
2- Impulsive Wave-iii of Wave-5 continuation with recent top formations at 12430.50 on 20-01-2020
3- Wave-A completion at 11614.50 on 03-02-2020
4- Wave-B completion at 12246.70 on 14-02-2020

Nifty-Intra Day Chart Analysis 

(14-Feb-2020)

Nifty-Intra Day Chart (14-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 12194-12246
2- Sharp fall
3- Selling between 12124-12183
4- Whole day actual trading between 12092-12246

Conclusions from EOD chart analysis 

1- Long Term Trend is up after moving above its decider 200 Day SMA(today at 11663.40)
2- Intermediate Term Trend sideways.
3- Short Term Trend has turned sideways.

Conclusions from EOD chart(Impulsive Wave-iii of Wave-5) analysis 

Although impulsive Wave-iii of Wave-5 continuation with recent top formations at 12430.50 on 20-01-2020 but its correction is on of which Wave-A completed at 11614.50. Now its Wave-B continuation with signals of its completion at 12246.70 on 14-02-2020 because last Friday lowest was below the lowest of last 4 sessions after same day new top formations of Wave-B at 12246.70.

Conclusions from intra day chart analysis 

Although strong up move after positive opening but selling developed in first hour therefore sharp fall was seen in Mid-Session. 3 Hours follow up selling was also seen after that therefore almost whole day trading will be understood with good selling hence fresh down moves are expected below last Friday lowest(12,091.20) in the beginning of next week.

Conclusions

 (After Putting All Studies Together)

As Nifty-EOD Chart Analysis(5th Wave structure) has already been updated in previous weekly Outlook(Feb 10 to Feb 14,2020) therefore waves structure of its Wave-iii of Wave-5 has been updated in next week weekly Outlook because that is in continuation now.

Following line was told on 08-02-2020 in "Firstly watch level in next week for the life and length of expected correction":-

until Nifty will sustain above 12216 till then correction completion will not be considered.

Although Nifty moves up to 12246.70 but could not sustain and sharp fall was seen last Friday as well as Nifty closed at 12113.45 after loosing 133 points from higher levels.

Wave-B of Wave-iii of Wave-5 continuation with recent top formation at 12246.70 last Friday but slipped sharply same day from there and formed last 4 sessions lowest at 12091.20 and closed also just above last 4 sessions lowest therefore it will be understood strong signal of Wave-C formation in next week for slipping below the bottom of Wave-A(11614.50)

Firstly sustaining beyond 12099 should be watched next Monday because sustaining below it will mean sharp fall towards following next supports:-

1- 11983-12021
2- 11922-11951
3- 11615-11705

As strong signals of  Wave-C formation developed last Friday therefore correction is expected in next week which may be deeper also.

Watch 12140-12180 for next decisive moves amid Coronavirus fear

Intra Day Chart Analysis & Market Outlook

(14-02-2020)

Nifty-Intra Day Chart (13-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Slipped 32 points in first 2 minutes after positive opening
2- Down moves in Bullish Falling Channels
3- Last 3 hours up moves with downward corrections
4- Whole day actual trading between 12140-12225

Conclusions from intra day chart analysis 

As spike in Coronavirus new cases and sentiment was depressed therefore all the Asian markets are flat to weak and Dow Jones's Futures is also trading more than 70 points down today morning hence Nifty slipped 32 points in first 2 minutes after positive opening

Some intraday consolidation was seen at lower levels today through Down moves in Bullish Falling Channels and last 3 hours up moves with downward corrections therefore if follow up consolidation develop tomorrow then decisive up moves will be seen. As most time today trading was between 12140-12180 therefore sustaining it beyond should be watched 

As Coronavirus fear and no one knows about the seriousness of its consequences therefore its  reactions on asian markets should also be watched in the morning.

As most time today trading was between 12140-12180 therefore sustaining it beyond should be watched tomorrow for next decisive moves amid Coronavirus fear.

Firstly watch 12188-12217 for next decisive moves 

Pre-open Outlook(13-02-2020)

As spike in Coronavirus new cases and 242 death cases counted in a single day therefore all the Asian markets are flat to weak and Dow Jones's Futures is also trading more than 70 points down today morning.

Sentiment turned little suppressed today therefore Nifty will firstly trade and prepare for next decisive moves within most time trading range(12188-12217) of yesterday and firstly sustaining beyond should be watched for next moves. 

Rally continuation towards next resistances

Intra Day Chart Analysis & Market Outlook

(13-02-2020)

Nifty-Intra Day Chart (12-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 72 Points jump in first 4 minutes
2- More than 5 hours trading at 0.60% higher levels within 45 points between 12188-12231
3- Most time trading 12188-12217 
4- Whole day actual trading between 12145-12231

Conclusions from intra day chart analysis 

5th Resistance range between 12160-12216 was updated on 08-02-2020 in "Firstly watch level in next week for the life and length of expected correction"

Nifty traded at and above 0.60% higher levels within and near about 8th Feb mentioned resistance range. 

As whole day today trading was above 0.60% higher levels with consolidation patterns indications therefore expected that up moves will be seen above today highest(12231) and once sustaining above it will mean rally continuation towards next resistances(12327-12375).   

As busy therefore Stock Market Outlook of today(12-02-2020) is not being updated.

Firstly watch levels amid Delhi Assembly Election results and Corona virus fear

Intra Day Chart Analysis & Market Outlook

(11-02-2020)

Nifty-Intra Day Chart (10-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Sharp fall after flat opening
2- Support between 11991-12022
3- Up moves in Bearish Rising Channels
4- Whole day actual trading between 11991-12103

Conclusions from intra day chart analysis 

Following lines were told on 08-02-2020 in "Firstly watch level in next week for the life and length of expected correction":-

1- down moves below last Friday lowest(12073.95) is expected in the beginning of next week.
2- Next supports below last Friday lowest are as follows:-

1- 11983-12021
2- 11922-11951
3- 11615-11705

As was told 100% same happened in following manner:-

1- Nifty slipped below 12073.95 in first 2 minutes today and also traded whole day below it. 
2- Today lowest was within mentioned 1st supports range(11983-12021) at 11990.75.

As Nifty again got supports within 1st supports range(11983-12021) between 11991-12022 and also closed just above it at 12031.50 today therefore this range has become most crucial and until Nifty will not sustain below it till then decisive down moves will not be seen. 

Although lower levels good supports today but minor selling was also seen through Up moves in Bearish Rising Channels therefore firstly sustaining beyond 11983-12045 should be watched tomorrow for next decisive moves confirmations because Indian markets will react Delhi Assembly Election results through high volatility and Corona virus fear led Global markets reactions.