Next target of Nifty at 11217

Pre-open Outlook(28-02-2020)

As most Asian markets are more than 2% down after more than 4% negative closing of most US Indices therefore crashing like situation has been developed in all the Global markets hence  gap down opening will be seen in Indian markets also.

50.0% Fibonacci Retracement levels of Wave-5(10004-12430) on Nifty is at 11217 and technically this level should be watched for next target of on going correction after Long Term Trend turning down confirnation because forceful break down of its decider 200-Day SMA(today at 11687.60) will be seen after huge gap down opening of Indian markets today.

Sharp Pull Back Rally If no big crash in Asian markets 

Intra Day Chart Analysis & Market Outlook

(28-02-2020)

Nifty-Intra Day Chart (27-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Up moves in Bearish Rising Channels
3- Whole day actual trading between 11537-11663

Conclusions from intra day chart analysis 

Following lines were told on 15-02-2020 in "Strong signals of deeper correction beginning from next week":-

strong signal of Wave-C formation in next week for slipping below the bottom of Wave-A(11614.50)

As was told 100% same happened and Nifty slipped below 11614.50 today as well as today lowest was at 11536.70

Nifty crashed 141 points in first 1 hour and 15 minutes after weak opening but these Down moves were in Bullish Falling Channel and some consolidation developed therefore whole day up moves were seen and today closing was at the higher levels of the day. As Up moves in last 5 hours were in Bearish Rising Channels also therefore some profit booking also can not be ruled out. 

It was only a volatile day today with lower levels some supports and higher levels some selling also therefore expected that Nifty will firstly trade within today trading range(11537-11663) tomorrow and prepare for next moves.

Nifty again closed below Long Term Trend decider 200-Day SMA(today at 11687.60) and once sustaining below it will mean more deep correction but Short Term indicators have turned oversold therefore a sharp Pull Back Rally is very much due which may be seen any day and its confirmation will be after sustaining above today highest(11663). If no big crash in Asian markets tomorrow only then sharp Pull Back Rally will be seen after some consolidation within and near about today trading range.

Firstly watch 200-Day SMA for next big moves 

Intra Day Chart Analysis & Market Outlook

(27-02-2020)

Nifty-Intra Day Chart (26-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- High volatility in last 4 hours
3- Whole day actual trading between 11640-11783

Conclusions from intra day chart analysis 

As crashing like situation developed in all the Asian markets after more than 800 points Dow Jones fall yesterday therefore sentiment was much depressed hence huge gap down opening of Indian markets.

Although some consolidation was seen through Down moves in Bullish Falling Channel in first 2 hours but after that high volatility in last 4 hours with new intraday highest and lowest formations therefore no final view can be formed only from intraday patterns formations because technical positions reverses sharply during such high volatility.

3rd Supports range between 11615-11705 was updated 3 times in following outlooks;-

1- On 15-02-2020 in "Strong signals of deeper correction beginning from next week"
2- On 21-02-2020 in "Correction continuation towards and below next supports"
3- On 25-02-2020 in "Correction continuation expectations amid intraday volatility"

(Just click above topic links and see on yours own)

Above topics names since 15-02-2020 are clearly telling that we are continuously telling only and only for Correction which is being seen. We updated 3rd and last supports between 11615-11705 and Nifty closed within it at 11678.50 today.

Nifty tested and closed below Long Term Trend decider 200-Day SMA(today at 11685.90) today and finally it will confirm next big moves of Indian markets because it will decide Long Term Trend and firstly sustaining it beyond should be watched in the coming sessions.

Correction continuation expectations

Intra Day Chart Analysis & Market Outlook

(26-02-2020)

Nifty-Intra Day Chart (25-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Whole day Down moves in Bullish Falling Channels
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 11780-11883

Conclusions from intra day chart analysis 

Although Whole day Down moves were in Bullish Falling Channels which is an indication of consolidation development but good selling was also seen through Up moves in Bearish Rising Channel which was at that time when Modi ji and Trump meeting was being held and sentiment was boiling therefore Nifty closed near the lower levels of the day.

As whole day intraday volatility and only up and down moves were seen amid US-India trade agreement expectations therefore this news based selling also cant not be ruled out. Any final coclusion can not be drawn only from today intraday charts patterns formations because today whole day trading was news affected. 

Correction is very much on and until complete consolidation will not develop till then decisive up moves will not be seen and once sustaining below today lowest will mean correction continuation towards and below 11615/11460.70 which is expected also. 

Correction continuation expectations amid intraday volatility

Intra Day Chart Analysis & Market Outlook

(25-02-2020)

Nifty-Intra Day Chart (24-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 140 Points down in first 2 minutes
2- 5 Hours selling between 11915-11977(Immediate Resistances)
3- More than 100 points fall in last 2 hours
4- Whole day actual trading between 11814-11977

Conclusions from intra day chart analysis 

Following conclusive lines were told on 21-02-2020 in "Correction continuation towards and below next supports":-

As more than 4 hours selling last Thursday therefore more down moves are expected in next week towards following supports:-

1- 12043-12063 
2- 11909-11948
3- 11615-11705

First strong signal of deeper correction beginning  will be after sustaining below 11909 and that will mean correction continuation towards and below 11615/11460.70 also which will be seen in the coming weeks/months.

As firstly 5 hours selling between 11915-11977 after 140 Points down in first 2 minutes therefore Nifty slipped and closed below 2nd supports range hence strong signal of deeper correction beginning has been generated which has further opened the doors for correction continuation towards and below 11615/11460.70 also.

It may be a volatile day tomorrow because of Indian-US business agreements in Trump visit tomorrow and Very Short Term Indicators have also turned oversold but still correction continuation is expected and until Nifty will not sustained above 11977 after complete consolidation till then decisive up moves will not be seen.

Correction continuation towards and below next supports

Technical Analysis,Research & Weekly Outlook

(Feb 24 to Feb 28,2020)

Nifty-EOD Chart Analysis

(5th Wave structure)

Nifty-EOD Chart (20-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-i of Wave-5 beginning at 10004.55 on 26-10-2018 after Wave-4 completion
2- Wave-i of Wave-5 completion at 12103.00 on 03-06-2019 and corrective Wave-ii beginning
3- Corrective Wave-ii of Wave-5 completion at 10637.10 on 23-08-2019 and impulsive Wave-iii beginning
4- Impulsive Wave-iii of Wave-5 continuation with recent top formations at 12430.50 on 20-01-2020
5- Wave-A completion at 11614.50 on 03-02-2020
6- Wave-B completion at 12246.70 on 14-02-2020

Nifty-Last 24 Sessions intraday charts analysis

Nifty-Intra Day Chart (Jan 21 to Feb 20,2020):-

Just click on chart for its enlarged view

Technical Patterns formation in last 24 Sessions intraday charts

1- Previous 24 Sessions trading with lower levels supports and higher levels good selling
2- 24 Sessions actual trading between 11615-12272 

Nifty-Intra Day Chart Analysis 

(20-Feb-2020)

Nifty-Intra Day Chart (20-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 12118-12152(Immediate Resistances)
2- Sharp fall in last hour
3- Whole day actual trading between 12072-12152

Conclusions from EOD chart analysis 

1- Long Term Trend is up after moving above its decider 200 Day SMA(today at 11682.00)
2- Intermediate Term Trend is sideways between 11615-12272 for the last 24 sessions.
3- Short Term Trend is sideways between 11909-12246 for the last 5 sessions.

Conclusions from 24 Sessions intra day chart analysis 

Nifty slipped 213 points on 21-01-2019 after new life time high formation at 12430.50 and after that Nifty is trading sideways between 11615-12272 for the last 24 Sessions. Although lower levels some supports but higher levels good selling in last 24 sessions therefore emergence of more down moves possibilities and once sustaining below last 24 sessions lowest will mean huge fall hence remain cautious also.

Conclusions from intra day chart analysis 

As more than 4 hours selling between 12118-12152 therefore sharp fall was seeen in last hour. No intraday consolidation patterns formations and good selling last Thursday therefore more down moves are expected in next week.

Conclusions 

(After Putting All Studies Together)

Following lines were told on 15-02-2020 in "Strong signals of deeper correction beginning from next week":-

fresh down moves are expected below last Friday lowest(12,091.20) in the beginning of next week

As was told 100% same happened and Nifty slipped 185 points in first 2 sessions of previous week.

As Nifty has closed above Long Term Trend decider 200 Day SMA in last 14 sessions therefore it is still up but Intermediate Term Trend is sideways between 11615-12272 for the last 24 sessions and finally sustaining beyond this range will confirm next big moves which should be firstly watched in the coming week/months.

Next resistances above last Thursday closing and last 24 sessions trading range are as follows:-

1- 12118-12152
2- 12194-12264

Wave-B of Wave-iii of Wave-5 continuation with recent top formation at 12246.70 on 14-02-2020 but slipped sharply same day from there and after that Nifty slipped to 11909 in first 2 sessions of previous week also therefore Short Term Trend will be understood sideways between 11909-12246 and finally sustaining beyond this range will generate first strong signal of next decisive moves. As more than 4 hours selling last Thursday therefore more down moves are expected in next week towards following supports:-

1- 12043-12063 
2- 11909-11948
3- 11615-11705

As strong signals of  corrective Wave-C formation has been developed in previous weeks therefore correction is expected in next week also. First strong signal of deeper correction beginning  will be after sustaining below 11909 and that will mean correction continuation towards and below 11615/11460.70 also which will be seen in the coming weeks/months.

Fresh rally above 12246 only after complete follow up consolidation

Intra Day Chart Analysis & Market Outlook

(20-02-2020)

Nifty-Intra Day Chart (19-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Volatility in first half hour
2- Down moves in Bullish Falling Channels
3- Up moves with downward corrections
4- Whole day actual trading between 12043-12134

Conclusions from intra day chart analysis 

Following lines were told yesterday in "11948 will confirm fresh rally towards next resistances":-

finally if Nifty sustains above 11948 amid Corona virus fear then fresh up moves will be seen towards following resistances:-

1- 12124-12183
2- 12194-12246

Rally was seen towards 1st resistance range and today closing was also within it after whole day good consolidation through Down moves in Bullish Falling Channels and Up moves with downward corrections despite volatility in first half hour through slipping from higher levels.

Although good intraday consolidation today but resistance are lying up to 12246 therefore complete follow up consolidation is firstly required which should be firstly watched tomorrow for fresh rally to move and sustain above 12246.

11948 will confirm fresh rally towards next resistances

Intra Day Chart Analysis & Market Outlook

(19-02-2020)

Nifty-Intra Day Chart (18-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 50 Points down in first 3 minutes
2- Down moves in Bullish Falling Channels
3- Up moves with downward corrections
4- Consolidation between 11909-11948
5- Whole day actual trading between 11909-12030

Conclusions from intra day chart analysis 

As all the Asian markets and Dow's Futures were in deep Red therefore Nifty slipped 50 Points in first 3 minutes but after that next 4 hours Down moves were in Bullish Falling Channels therefore some consolidation developed at lower levels hence next 2 hours Up moves were seen.

Last 2 hours Up moves were with downward corrections therefore consolidation will be understood between 11909-11948 and it will be immediate supports on Nifty and until Nifty will not sustain below it after fresh selling till then decisive down moves will not be seen.

When Indian markets closed at that time all the European markets were trading more than 0.50% down and Dow'Jones future was also trading more 120 points weak but Indian markets recovered more that 100 points from lower levels therefore finally if Nifty sustains above 11948 amid Corona virus fear then fresh up moves will be seen towards following resistances:-

1- 12124-12183
2- 12194-12246

Next decisive moves confirmations through levels

Intra Day Chart Analysis & Market Outlook(18-02-2020)

Nifty-Intra Day Chart (17-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Sharp down after positive opening
2- Whole day Down moves in Bullish Falling Channels
3- Whole day actual trading between 12037-12159

Conclusions from intra day chart analysis 

Following lines were told on 15-02-2020 in "Strong signals of deeper correction beginning from next week":-

fresh down moves are expected below last Friday lowest(12,091.20) in the beginning of next week

As was told 100% same happened and Nifty closed at 12,045.80 today.

Although today closing was near the lower levels of the day after whole day continuous slipping from higher levels but most of the down moves were Bullish Falling Channels which is 
indicating consolidation and suggesting up moves.

As most of the Global markets with Dow Jones's futures traded and closed in positive zone today while Indian markets most time traded and closed in negative zone therefore under performance by Indian markets will be understood which is indicating selling and suggesting down moves also.

Finally whole day today trading will be understood Mixed Patterns formation between 12037-12121 and firstly sustaining beyond this range should be watched tomorrow for next decisive moves confirmations.

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.

Firstly watch level in next week for the life and length of expected correction

Technical Analysis,Research & Weekly Outlook

(Feb 10 to Feb 14,2020)

Nifty-EOD Chart Analysis

(5th Wave structure)

Nifty-EOD Chart (07-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-i of Wave-5 beginning at 10004.55 on 26-10-2018 after Wave-4 completion
2- Wave-i of Wave-5 completion at 12103.00 on 03-06-2019 and corrective Wave-ii beginning
3- Corrective Wave-ii of Wave-5 completion at 10637.10 on 23-08-2019 and impulsive Wave-iii beginning
4- Impulsive Wave-iii of Wave-5 continuation with recent top formations at 12430.50 on 20-01-2020
5- Wave-A completion at 11614.50 on 03-02-2020
6- Wave-B completion at 12160.60 on 06-02-2020

Nifty-Intra Day Chart Analysis 

(07-Feb-2020)

Nifty-Intra Day Chart (07-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 12104-12136
2- Selling between 12098-12108
3- Selling between 12096-12113
4- Whole day actual trading between 12074-12154

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 up after last week rally.

Conclusions from intra day chart analysis 

As higher levels good selling therefore down moves below last Friday lowest(12073.95) is expected in the beginning of next week.

Conclusions (After Putting All Studies Together)

Following lines were told on 01-02-2020 in "Strong rally after Global markets recovery from Corona virus fear":-

27.0% retracement has been completed and Short Term Indicators have also turned Oversold therefore some up moves towards following resistances can not be ruled out and until Nifty will sustain above 12216 till then correction completion will not be considered.

1- 11808-111842
2- 11900-12017
3- 12003-12048
4- 12125-12169
5- 12160-12216

Strong rally was seen in previous week which completed near the top of above mentioned 4th resistance at 12160.60 on 06-02-2020. 

Next and last 2 resistances above 12216 are as follows:-

1- 12220-12262
2- 12317-12378

Although strong rally in first 3 sessions of previous week but some selling was also seen at higher levels in last 2 sessions between 12096-12160 as well as Short Term Indicators have turned over bought therefore down moves are firstly expected in th ebeginning of next week.

As above mentioned multiple resistances are also lying above last week highest therefore until complete consolidation will not develop till then fresh rally above life time highest will not be seen and follow up selling in the beginning of next week will mean correction continuation towards the bottom of Wave-A(11614.50).

Next supports below last Friday lowest are as follows:-

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

Follow up selling and correction continuation below 11922 will mean Wave-C formation for moving below the bottom of Wave-A(11614.50) therefore sustaining beyond 11922 should be firstly watched in next week for the life and length of expected correction. 

Fresh selling will mean sharp down moves

Intra Day Chart Analysis & Market Outlook

(07-02-2020)

Nifty-Intra Day Chart (06-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Mixed Patterns formation in last 4 hours between 12102-12160 
3- Whole day actual trading between 12085-12160

Conclusions from intra day chart analysis 

Following resistances were updated yesterday in "Firstly fresh consolidation and only after that rally continuation towards following next resistances":-

1- 12125-12169
2- 12160-12216 

Firstly consolidation was seen through Down moves in Bullish Falling Channel and after that up moves wre seen but last 4 hours trading was with Mixed Patterns formation and RBI Credit policy led volatility was also seen which means that one sided technical positions have not developed today. 

As today closing was within yesterday mentioned first resistance range(12125-12169) at 12137.95 and above it more resistances are lying up to 12216 therefore more consolidation is required for fresh up moves above 12216. 

Expected that Nifty will firstly trade within 12085-12216 in the coming sessions and finally sustaining beyond this range will form next trend. As Short Term Indicators have turned over bought and minor selling was also seen at higher levels today as well as resistances are lying above today highest therefore if fresh selling develop tomorrow then sharp down moves may be seen below today lowest(12085),be cautious.

Firstly fresh consolidation and only after that rally continuation towards following next resistances

Intra Day Chart Analysis & Market Outlook

(06-02-2020)

Nifty-Intra Day Chart (05-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- More than 4 hours Mixed Patterns formation between 11980-12050
2- Slow up moves in last 2 hours
3- Whole day actual trading between 11954-12098

Conclusions from intra day chart analysis 

Although today closing was at the higher levels of the day but before that genuine consolidation patterns were not seen because firstly more than 4 hours trading was with Mixed Patterns formations and after that last 2 hours up moves were slow which is an indication of some selling also therefore firstly fresh consolidation near about today highest and after that sustaining above it should be watched tomorrow for rally continuation towards following next resistances:-

1- 12125-12169
2- 12160-12216 

As busy therefore Stock Market Outlook of today(05-02-2020) is not being updated.

Watch levels for next decisive moves confirmations

Intra Day Chart Analysis & Market Outlook

(04-02-2020)

Nifty-Intra Day Chart (03-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channels
2- Selling between 11616-11749
3- Support between 11648-11705
4- Up moves in Bearish Rising Channel
5- Whole day actual trading between 11615-11749

Conclusions from intra day chart analysis 

As both selling and consolidation patterns formations therefore whole day today trading will be understood with Mixed Patterns formation between 11615-11749 hence firstly Nifty will trade and prepare for next decisive moves within this range tomorrow and finally sustaining it beyond should be watched for next decisive moves confirmations. 

Strong rally after Global markets recovery from Corona virus fear

Technical Analysis,Research & Weekly Outlook

(Feb 03 to Feb 07,2020)

Nifty-EOD Chart Analysis

(5th Wave structure)

Nifty-EOD Chart (01-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-i of Wave-5 beginning at 10004.55 on 26-10-2018 after Wave-4 completion
2- Wave-i of Wave-5 completion at 12103.00 on 03-06-2019 and corrective Wave-ii beginning
3- Corrective Wave-ii of Wave-5 completion at 10637.10 on 23-08-2019 and impulsive Wave-iii beginning
4- Impulsive Wave-iii of Wave-5 completion at 12430.50 on 20-01-2020 and its correction continuation
5- Correction continuation with recent bottom formation at 11633.30 on 01-02-2020 
6- First signal of deeper correction through Nifty testing 200 Day SMA(today at 11654.90) on 01-02-2020

Nifty-Fibonacci Retracement levels of Wave-5

Nifty-EOD Chart (01-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Nifty-Fibonacci Retracement levels of Wave-5(10004-12430)
2- 27% Retracement has been completed

Nifty-Intra Day Chart Analysis (01-Feb-2020)

Nifty-Intra Day Chart (01-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 4 Hours selling between 11900-12017
2- Follow up selling between 11808-111842
3- 175 Points slipping in last hour
4- Whole day actual trading between 11633-12017

Conclusions from EOD chart analysis 

1- Long Term Trend is at stake after Nifty testing its decider 200 Day SMA(today at 11654.90) on 01-02-2020.
2- Intermediate Term Trend down.
3- Short Term Trend is down.

Conclusions from Fibonacci Retracement levels analysis 

Nifty-Fibonacci Retracement levels of Wave-5(10004-12430):-

1- 13.0%-12114 (Retraced)
2- 23.6%-11857 (Retraced)
3- 27.0%-11775 (Retraced)
4- 38.2%-11503 (Crucial)
5- 50.0%-11217 (Crucial)
6- 61.8%-10930 (Crucial)
7- 70.7%-10714
8- 76.4%-10576
9- 78.6%-10523 
10-88.6%-10280 

Conclusions from intra day chart analysis 

As Dow Jones closed more than 600 points down last Friday therefore Nifty slipped 75 points in first 15 seconds after gap down opening and after that slow up moves remained continued till Budget speech opening.

As Budget enthusiasm therefore selling was done on the back of Budget led heated sentiments and down moves started after 1 PM. Again follow up selling between 11808-111842 after some up moves and finally 175 Points slipping in last hour as well as closing at the lowest of Union Budget day after loosing 300 points.

Certainly huge selling therefore until complete consolidation will not develop till then Nifty will not moves above day's highest(12017) but some up moves may be seen up to 11808

Conclusions (After Putting All Studies Together)

Crucial Simple Moving Averages are as follows:-

5 Day SMA is today at-11969
13 Day SMA is today at-12123
55 Day SMA is today at-12109
200 Day SMA is today at-11654

As Nifty tested Long Term Trend decider 200 Day SMA(today at 11654.90) on 01-02-2020 and closed just above it at 11661.85 on Union Budget like day therefore too much depression of sentiments will be understood but Corona virus spreading fear was also one of the reason of such big fall therefore firstly sustaining beyond 200 Day SMA and Global markets reaction on Corona virus should be watched for the life of Long Term Trend.  

27.0% retracement has been completed and Short Term Indicators have also turned Oversold therefore some up moves towards following resistances can not be ruled out and until Nifty will sustain above 12216 till then correction completion will not be considered.

1- 11808-111842
2- 11900-12017
3- 12003-12048
4- 12125-12169
5- 12160-12216

Union Budget 2-020-21 is good enough and Indian markets are following Corona virus led Global markets weakness,let world recover from this disease then strong rally will be seen in Indian markets also.