Levels will confirm the life and size of on going previous week correction
Technical Analysis,Research & Weekly Outlook
(Dec 30,2019 to Jan 03,2020)
Nifty-EOD Chart Analysis (Waves structure)
Nifty-EOD Chart (27-Dec-2019):-
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| 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 12293.90 on 20-12-2019.
Nifty-Last 5 Sessions intraday charts analysis
Nifty-Intra Day Chart (Dec 20 to Dec 27,2019):-
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| Just click on chart for its enlarged view |
Technical Patterns formation in last 5 Sessions intraday charts
1- 3 Sessions selling between 12236-12293 from 20 Dec to 24 Dec,2019
2- Whole day down moves with upward corrections on 26-12-2019
3- Whole day up moves with downward corrections on 27-12-2019
4- 5 Sessions actual trading between 12119-12293
Nifty-Intra Day Chart Analysis (27-Dec-2019)
Nifty-Intra Day Chart (27-Dec-2019):-
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| Just click on chart for its enlarged view |
Technical Patterns formation in today intraday charts
1- Whole day up moves with downward corrections
2- Whole day actual trading between 12158-12258
Conclusions from EOD chart analysis
All the trends are up and impulsive Wave-5 continuation with new life time high formation at 12293.90 on 20-12-2019 and no confirmation of its completion yet.
Conclusions from 5 Sessions intra day chart analysis
Although Nifty closed at the top of the day last Friday but resistances are lying just above last Friday highest between 12236-12293 therefore firstly Nifty has to consolidate for decisive up moves above 12293.
As Short Term Indicators are Over bought therefore fresh selling and sustaining below 12236 will mean Short Term correction beginning.
Firstly sustaining beyond 12236-12293 should be watched in next week for next decisive moves beginning confirmations.
Conclusions from intra day chart analysis
As very short term indicators have turned over sold after whole day down moves on 26-12-2019 therefore Pull Back Rally was seen next day on 27-12-2019 which closed at the top of the day.
Last 2 sessions of previous week remained highly volatile between 12119-12258 and resistances are lying above last Friday highest as well as Very Short Term Indicators have also turned Over bought therefore firstly Nifty has consolidate for next up moves and sustaining above 12258 should be watched in the beginning of next week for first signal of up moves beginning.
Conclusions (After Putting All Studies Together)
Although Very Short Term correction of more than 1% was seen in previous week but strong up moves were also seen last Friday which closed within last resistances(12236-12293) of Nifty.
As Bullish rally is continued in Indian markets therefore expected that finally rally will be seen after fresh consolidation within 12236-12293 but Short Term Indicators are slipping from Over bought zone therefore at present only a Short Term correction will be considered which may be sideways also.
Last 5 sessions trading between 12119-12293 with higher levels resistances and no supports at lower levels,this range will decide the life and size of on going previous week correction. Expected that Nifty will firstly trade and prepare for next moves within and near about this range and finally break out of this range will confirm fresh rally after sideways correction within this range or after little deeper correction below this range.
