Correction towards next supports expectations

Intra Day Chart Analysis & Market Outlook

(21-04-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Slipping 118 points in first 3 minutes after gap up strong opening
2- Up moves in Bearish Rising Channels
3- Down moves in Bullish Falling Channel
4- Consolidation between 9231-9270
5- Sharp fall from higher level
6- Whole day actual trading between 9231-9390

Conclusions from intra day chart analysis 

Following conclusive lines were told on 18-04-2020 in "Next resistance range will confirm more than 10% one sided decisive moves ":-

As firstly follow up moves within and/or near about next resistance range(9254-9403) and finally sustaining it beyond will confirm the life of on going rally with more than 10% one sided decisive moves also therefore should be watched in next week. 

As was told 100% same happened and Nifty traded whole day within and near about above mentioned resistance range(9254-9403) and closed also within it at 9261.85 today.

Although lower levels some consolidation and closing also between 9231-9270 today but higher levels good selling also through Up moves in Bearish Rising Channels therefore sharp fall from higher level was seen in last hour.

As higher levels good selling today therefore once sustaining below today loweest(9231) will mean correction towards following next supports one by one and it is expected also:-

1- 9092-9173
2- 8913-8972
3- 8654-8750

Next resistance range will confirm more than 10% one sided decisive moves 

Technical Analysis,Research & Weekly Outlook

(Apr 20 to Apr 24,2020)

Nifty-EOD Chart Analysis 

(Averages & Stochastic)

Nifty-EOD Chart (17-Apr-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
3- Wave-B continuation with recent top formation at 9324.00 on 17-04-2020
4- SMA(Simple Moving Averages)
A- 5-Day SMA is at 9058
B- 13-Day SMA is at 8719
C- 55-Day SMA is at 10474
D- 200-Day SMA is at 11311
5- Stochastic-%K(5) is at 69.03 & %D(3) is at 73.42

Conclusions from EOD chart analysis (Averages & Stochastic)

The rally which started from 7511.10 on 24-03-2020 is very much on through moving above both short Term Averages(5 and 13) and 5-Day SMA has also moved above 13-Day SMA which is another positive signal but Stochastic has become over bought and showing negative divergence also therefore emergence of short Term Correction beginning signals,let clear selling patterns develop on intraday charts then its continuation will be seen.

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (17-Apr-2020):-

Technical Patterns and Formations in EOD charts

Nifty-Fibonacci Retracement levels of corrective Wave-A(7511.1 to 12430.50):-

1- 13.0%- 8150 (Retraced)
2- 23.6%- 8672 (Retraced)
3- 27.0%- 8839 (Retraced)
4- 38.2%- 9390 (Crucial)
5- 50.0%- 9970 (Crucial)
6- 61.8%- 10551(Crucial) 
7- 70.7%- 10989
8- 76.4%- 11269
9- 78.6%- 11377
10-88.6%- 11869 

Conclusions from EOD chart analysis (Fibonacci retracement levels)

As 27.0% Retracement has been completed and last Friday highest was little below 38.2%(9390) level at 9324 as well as Nifty closed at the top of on going Pull Back rally therefore firstly sustaining beyond 38.2%(9390) should be watched in next week because that will decide:-
1- Sustaining above 9390 will mean rally continuation towards and/or above 50.0% retracement level(9970)
2- Sustaining below 9390 will mean slipping towards and/or below the bottom(7511.10) of on going rally

NiftyLast 21 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Mar 16 to Apr 17,2020):-

Technical Patterns formation in last 21 Sessions intraday charts

1- Selling(Resistances) in last 21 sessions between
A- 9254-9403
B- 9430-9584
2- Consolidation(Supports) in last 21 sessions
A- 9092-9173
B- 8913-8972
C- 8654-8750
D- 8361-8449
E- 8056-8107
F- 7512-7970
3- Mixed Patterns formation  
4- 21 Sessions actual trading between 7512-9602 

Conclusions from 21 Sessions intra day chart analysis 

Last 21 Sessions sideways trading between 7512-9602 with above mentioned higher levels 2 resistances and lower levels 6 supports therefore firstly Nifty will have to trade and prepare for next decisive moves within this range and finally sustaining beyond this range will confirm next big moves(more than 10%) which should be watched in the coming week/weeks.

Nifty-Intra Day Chart Analysis

(17-Apr-2020)

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

Technical Patterns formation in today intraday charts

1- Sideways up to 10 AM after more than 3% gap up opening
2- Down moves in Bullish Falling Channels
3- Consolidation between 9092-9173(Immediate Supports)
4- Up moves in Bearish Rising Channel
5- Whole day actual trading between 9092-9324

Conclusions from intra day chart analysis 

As following 3 reasons therefore more than 3% gap up opening on 17-04-2020:-

1- High expetations from RBI Governor Press Conference which was scheduled at 10:00 AM same day.
2- Dow Jones'S Fututes was trading more than 850 points up since morning on the news of more than 1300 patients recovery from Corona after taking a specific medicine.
3- All the Asian markets were trading strong since morning.

Although huge gap up opening and traded also with such good gains till 10:00 AM but started to slip immediately after RBI Governor Press Conference beginning. As all the down moves till 12;00 PM were in Bullish Falling Channels and lower levels consolidation also between 9092-9173 therefore up moves were seen in last 2 hours.

As last hours Up moves were in Bearish Rising Channel therefore some profit booking can not be ruled out because sentiment turned heated in last hours due to news of Package by Finanace Ministery on 18-04-2020 and all Global markets were trading strong at that time.

Conclusions 

(After Putting All Studies Together)

Nifty-EOD Chart Analysis(Waves structure) was updated in the weekly Outlook of Apr 07 to Apr 09,2020 and no material change in Waves structure since then therefore it is not being posted in this week.

1- Long term trend is down.
2- Intermediate term trend is sideways between 7512-9602 for the last 21 Sessions.
3- Short term trend is up.

Corrective Wave-A completed at 7511.10 on 24-03-2020 and after that impulsive Wave-B begun which is in continuation with recent top formation at 9324.00 on 17-04-2020 and no confirmation of its completion yet. 

Although last Friday closing was at the top of on going rally with new top(9324.00) formation of on going rally but due to following reasons therefore view will be cautiously Bullish:-

1- Economic package news on 18-04-2019 was in Business news Channels.
2- All European markets were trading more than 3.5% up at the time of Indian markets closing
3- Dow Jones Futures was trading more than 700 points up at the time of Indian markets closing
4- All the Asian markets closed 1.5% to 3% up

As 3.05% positive closing was on the back of above positive news flow on 17-04-2019 therefore firstly sustaining above last Friday highest(9324.00) should be watched in the beginning of next week because following resistances are lying above last Friday closing:-

1- 9254-9403
2- 9430-9584

Although Short Term indicators have turned over bought and showing negative divergence also but sufficient selling patterns have not developed on intraday charts yet therefore firstly next 1/2 sessions of next week should be watched because if fresh selling develops then Short Term Correction will be seen in next week

Above mentioned 1st resistance range(9254-9403) has become most crucial for next week because;-

1- 38.2% retracement level(9390) is lying within it.
2- Recent top of Wave-B(9324.00) and last Friday closing(9266.75) is also within it

As firstly follow up moves within and/or near about next resistance range(9254-9403) and finally sustaining it beyond will confirm the life of on going rally with more than 10% one sided decisive moves also therefore should be watched in next week. 

Finally 2 trading ranges will confirm next big moves

Intra Day Chart Analysis & Market Outlook

(17-04-2020)

Nifty-Intra Day Chart (16-Apr-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections 
2- Selling between 8997-9053 
3- Whole day actual trading between 8822-9053

Conclusions from intra day chart analysis 

Although today closing was near the higher levels of the day but higher levels selling was seen between 8997-9053 therefore follow up selling is must for decisive down moves below today lowest because first 4 hours today up moves were with intraday corrections.

Last 5 sessions trading between 8654-9261 and most time trading within this range is between 8905-9128 therefore finally sustaining beyond these 2 trading ranges should be watched one by one in the coming sessions/weeks for next big moves beginning confirmations.

Sustaining beyond will confirm 8905-9128 next trend amid high volatility

Intra Day Chart Analysis & Market Outlook

(16-04-2020)

Nifty-Intra Day Chart (15-Apr-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Almost 3% up after strong gap up opening
2- Intraday correction
3- sharp fall after fast down moves in European markets and Dow Jones's Futures 
4- Whole day actual trading between 8875-9261

Conclusions from intra day chart analysis 

Although Dow Jones's Futures was trading more than 150 points down and most Asian markets were flat to negative today morning but strong gap up opening of Indian markets and Nifty traded almost 3% up also in such depressed Global markets sentiments as well as remained more than 2% up despite more than 1% weaker opening of most European markets. In this manner it will be understood that Indian markets completely out performed all Global markets.

As Dow Jones's Futures moved down more than 300 points and all the Europen markets also moved down fast therefore sharp fall was seen in Indian markets after 01:55 PM and Nifty closed 0.76% down despite more than 2.5% fall in most European markets.

Following lines were told yesterday in "Levels will give first strong indication of next decisive moves":-

sustaining beyond 8905-9128 should also be watched because Coronavirus news led huge volatility may be seen any day and these levels will give first strong indication of next decisive moves. 

As Nifty closed within yesterday mentioned trading range(8905-9128) at 8925.30 today amid  Global markets led high volatility therefore firstly sustaining beyond 8905-9128 should be watched for next trend confirmations because technical positions reverses in today like high volatility and out performance on all Global markets.

Levels will give first strong indication of next decisive moves 

Intra Day Chart Analysis & Market Outlook

(15-04-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Sharp down after flat opening
2- Consolidation between 8913-8972
3- Selling between 9016-9100
4- Last 2 hours trading with Mixed Patterns formation between 8941-9031
5- Whole day actual trading between 8913-9112

Conclusions from intra day chart analysis 

Following lines were told on 10-04-2020 in "Levels will confirm next trend according to Coronavirus problem solution timings":-

Nifty will firstly trade and prepare for next one sided decisive within and near about last Thursday trading range(8905-9128) and finally sustaining it beyond should be watched in the beginning of next week for confirmations.

As was told 100% same happened and Nifty traded within mentioned trading range(8905-9128) last Monday.

Although firstly sharp down after flat opening but lower levels consolidation was seen therefore some up moves were seen. As follow up selling at higher levels therefore slipped and last 2 hours trading was seen with Mixed Patterns formation. Both consolidation and selling therefore last Monday whole trading will be understood with Mixed Patterns formation only.

As last 2 sessions trading between 8905-9128 with both consolidation and selling therefore it will be understood that Indian markets are not prepared for any side decisive moves and firstly will have tp prepare for one sided moves which will be done in the coming sessions within or near about 8905-9128. 

Following next resistances are lying above 9128;-

1- 9254-9403
2- 9430-9584

Until Nifty will not sustain above 9584 till then decisive up moves will not be seen and once sustaining below 8905 will mean more than 5% sharp fall.

Let market completely prepare for next decisive moves then will be updated according to intraday patterns formations and till then sustaining beyond 8905-9128 should also be watched because Coronavirus news led huge volatility may be seen any day and these levels will give first strong indication of next decisive moves. 

Levels will confirm next trend according to Coronavirus problem solution timings

Technical Analysis,Research & Weekly Outlook

(Apr 13 to Apr 17,2020)

Nifty-EOD Chart Analysis 

(Corrective Waves)

Nifty-EOD Chart 09-Apr-2020:-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
3- Wave-B continuation with recent top formation at 9131.70 on 08-04-2020
4- Last 17 Sessions sideways trading between 7512-9602 

Conclusions from EOD chart analysis 

(Corrective Waves)

Corrective Wave-B continuation with recent top formation at 9131.70 on 08-04-2020 and no confirmation of its completion yet, As last 17 Sessions sideways trading between 7512-9602 and Wave-B continuation within this range therefore firstly sustaining beyond this range should be watched in the coming week/weeks for the life of Wave-B confirmations.

Nifty

Last 17 Sessions intraday charts analysis

Nifty-Intra Day Chart (Mar 16 to Apr 09,2020):-

Technical Patterns formation in last 17 Sessions intraday charts

1- Selling(Resistances) in last 17 sessions between
A- 9254-9403
B- 9430-9584
2- Consolidation(Supports) in last 14 sessions
A- 8654-8750
B- 8361-8449
C- 8056-8107
D- 7512-7970
3- Mixed Patterns formation between 8905-9128 on 09-04-2020 
4- 17 Sessions actual trading between 7512-9602  

Conclusions from 17 Sessions intra day chart analysis 

Sideways trading between 7512-9602 for the last 17 sessions with above mentioned higher levels 2 resistances and lower levels 4 supports therefore Nifty will firstly trade and prepare for next decisive moves within this range,finally sustaining beyond this range will confirm next big moves which should be watched in the coming week/weeks.

As Whole day trading with Mixed Patterns formation between 8905-9128 on 09-04-2020 and this range is within above mentioned supports and resistances therefore firstly sustaining beyond this range should be watched in next week for first signal of next decisive moves beginning. 

Nifty-Intra Day Chart Analysis 

(09-Apr-2020)

Nifty-Intra Day Chart (09-Apr-2020):-

Technical Patterns formation in today intraday charts
1- Selling between 8980-9025
2- Support between 8905-8960
3- Up moves in Bearish Rising Channel
4- Down moves in Bullish Falling Channel
5- Support between 9001-9055
6- Sharp up in last hour
7- Whole day actual trading between 8905-9128

Conclusions from intra day chart analysis 

Although 04.15% positive closing after gap up strong opening but only consolidation patterns were not seen and selling patterns were also seen on 09-04-2020 therefore expected that Nifty will firstly trade and prepare for next one sided decisive within and near about last Thursday trading range(8905-9128) and finally sustaining it beyond should be watched in the beginning of next week for confirmations.

Conclusions (After Putting All Studies Together)

1- Long term trend is down.
2- Intermediate term trend is down.
3- Short term trend has turned up after more than 1500 points recovery from lower levels in previous week.

Impulsive Wave-B of "corrective ABC Waves" continuation and no indication of its completion yet. As last 17 Sessions sideways trading between 7512-9602 with higher levels seling and lower levels consolidation therefore at present Nifty is not prepared for any side big decisive moves hence Nifty will firstly trade and prepare for it within this range and finally sustaining beyond this range will decide the life of Wave-B.

As Short Term Indicators have turned overbought after last weeks strong up moves therefore Short Term correction may be seen any day in next week but next trend will be decided by sustaining beyond last 17 Sessions trading range(7512-9602) hence it should be watched in the coming week/weeks/months because final moves will be according to Coronavirus problem solution timings only.

Levels will confirm next decisive moves

Intra Day Chart Analysis & Market Outlook

(09-04-2020)

Nifty-Intra Day Chart (08-Apr-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 9014-9131(Immediate Resistances)
2- Last 3 hours trading with Mixed Patterns formation between 8654-8920
3- Whole day actual trading between 8654-9131

Conclusions from intra day chart analysis 

As yesterday up moves were with intraday corrections therefore firstly up moves were seen towards next resistances today but selling developed at higher levels hence slipped and today closing was below yesterday given first resistances(8846-9038) 

Although today closing was near the lower levels of the day but last 3 hours trading was with Mixed Patterns formation between 8654-8920 therefore firstly sustaining beyond this range should be watched tomorrow for next decisive moves confirmations.

As multiple resistances are lying above 8920 therefore up may be slow because fresh consolidation is required for sustained up moves but sustaining below or forceful break down of 8654 will mean sharp down moves hence remain cautious.

Firstly watch next resistances for the life of today started Pull Back Rally

Intra Day Chart Analysis & Market Outlook

(08-04-2020)

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

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 8361-8819

Conclusions from intra day chart analysis 

As all the Global markets closed strong yesterday therefore more than 4% positive opening of Indian markets today and whole day Pull Back Rally remained continued because all the Global markets were strong today and Dow Jones's Futures was also trading more than 600 points up at the time of Indian markets closing.

Whole day up moves of today were with downward corrections therefore today trading will be understood with consolidation and up moves towards following next resistances will be considered:-

1- 8846-9038
2- 9254-9403
3- 9430-9584

As all the Indian markets moves are Corona news led and reactions of Global markets moves therefore firstly sustaining beyond above mentioned next resistances should be watched in the coming sessions for the life of today started Pull Back Rally.

Strong support range will confirm next more than 5% moves amid more down moves possibilities

Technical Analysis,Research & Weekly Outlook

(Apr 07 to Apr 09,2020)

Nifty-EOD Chart Analysis

 (Waves structure)

Nifty-EOD Chart (03-Apr-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 11171.50 on 29-01-2018 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 9951.90 on 23-03-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves"  beginning
7- Corrective Wave-A continuation with recent bottom formation at 7511.10 on 24-03-2020
8- Indications of Wave-A completion and Wave-B beginning after last 14 Sessions sideways trading between 7512-9602 with rock bottom supports formation between 7512-7970.

Conclusions from EOD chart analysis

(Waves structure)

4 Years rally which started from 6825.80 on 29-02-2016 completed at 12430.50 on 20-01-2020 after 5 waves completion. Now its corrective Wave-A of'ABC" Correction continuation with recent bottom formation at 7511.10 on 24-03-2020. 

As last 14 Sessions sideways trading between 7512-9602 with rock bottom supports formation between 7512-7970 therefore indications of Wave-B beginning from 7511.10 on 24-03-2020. 

Nifty-EOD Chart Analysis 

(Averages)

Nifty-EOD Chart (03-Apr-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 5-Day SMA is at 8375 
2- 13-Day SMA is at 8360
3- 55-Day SMA is at 10889
4- 200-Day SMA is at 11408

Conclusions from EOD chart analysis 

(Averages)

Although 5-Day SMA has moved above 13-Day SMA but last Friday closing was much below both Short Term averages therefore fresh decisive up moves can not be considered because Intermediate and Long Term averages are much above both these Short Term averages.

Nifty-Last 14 Sessions intraday charts analysis

Nifty-Intra Day Chart (Mar 16 to Apr 03,2020):-

Just click on chart for its enlarged view

Technical Patterns formation in last 14 Sessions intraday charts

1- Selling(Resistances) in last 14 sessions between
A- 9254-9403
B- 9430-9584
C- 8846-9038
D- 8772-8883
E- 8760-8873
F- 8663-8733
G- 8465-8660
2- Consolidation(Supports) in last 14 sessions between 
A- 8056-8107
B- 7833-8024 
C- 7512-7970
3- 14 Sessions actual trading between 7512-9602 

Conclusions from 14 Sessions intra day chart analysis 

Last 14 sessions sideways trading between 7512-9602 with above mentioned higher levels 7 resistances and lower levels 3 supports therefore Nifty will firstly trade and prepare for next decisive moves within this range,finally sustaining beyond this range will confirm next big moves which should be watched in the coming week/weeks.

Although rock bottom support developed between 7512-7970 but higher levels follow up selling was also seen in previous week therefore expected that nifty will test this support range in next week and finally sustaining beyond this support range will confirm next more than 5% moves.

Nifty-Intra Day Chart Analysis 

(03-Apr-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts


1- Down moves in Bullish Falling Channels
2- Selling between 8100-8160
3- Selling between 8184-8222
4- More than 200 points sharp fall
5- Support between 8056-8107
6- Whole day actual trading between 8056-8222

Conclusions from intra day chart analysis 

Although firstly some buying through Down moves in Bullish Falling Channels but after that selling was seen between 8184-8222 and 8056-8107 therefore more than 200 points sharp fall and day's closing was near the lower levels of the day. 

As some intraday supports in last hour between 8056-8107 therefore firstly sustaining it beyond should be watched in the beginning of next week and remain cautious also because sharp fall will be seen after sustaining below 8056.

Conclusions

 (After Putting All Studies Together)

1- Long term trend is down.
2- Intermediate term trend is down.
3- Short term trend is down but indication of its turning up after last 14 Sessions sideways trading between 7512-9602 with rock bottom supports formation between 7512-7970.

All the Global markets have crashed after Corona pandemic eruption in almost whole world and no indication of its stopping yet and on the other hand its spreading fear has loomed large. Although Corona situation was too much under control in India but situation worsened too much after  detection of more than 600 Corona affected cases from Nizamuddin Markaz Jamaat in last 4 days and until whole situation will not come under control completely till then decisive up moves will not be seen and correction continuation possibilities will remain alive.

Last 14 Sessions trading between 7512-9602 and Nifty will firstly trade within this range in next week. As strong supports are lying between 7512-7970 therefore Nifty will firstly trade within and near about this range but will not be able to move up easily because above mentioned 7 resistances are lying above last Friday closing(8083.80).    

As too much fear spread after more than 600 Corona affected cases coming from Nizamuddin Markaz Jamaat in last 4 days therefore decisive up moves will not be seen until picture will not be clear and possibilities of more down moves will remain alive as well as finally sustaining beyond strong support range(7512-7970) should be watched in next week because will confirm next more than 5% moves.

Remain cautious after more than 400 Corona affected cases from Nizamuddin Markaz Jamaat

Intra Day Chart Analysis & Market Outlook

(03-04-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 237 Points fall in first 45 minutes
2- Selling between 8360-8415
3- Support between 8199-8290
4- Whole day actual trading between 8199-8588

Conclusions from intra day chart analysis 

Although flat opening but firstly 237 Points fall in first 45 minutes and after that selling was seen between 8360-8415 down moves remain continued till 02:00 PM. As some supports with minor consolidation was seen in last more than 2 hours 8199-8290 therefore firstly sustaining it beyond should be watched tomorrow for next 5% moves.

As sentiment has turned extremely depressed after detection of more than 400 Corona affected cases from Nizamuddin Markaz Jamaat in last 3 days therefore remain cautious because sharp fall can not be ruled out after sustaining below last Wednesday lowest(8,198.35)

As busy therefore Stock Market Outlook of today(01-04-2020) is not being updated but Outlook for 03-04-2020 will be posted positively.

As busy therefore Stock Market Outlook of today(31-03-2020) is not being updated.

More than 20% Rally of Nifty and up moves above 10000 if Coronavirus situation does not worsen

Technical Analysis,Research & Weekly Outlook

(Mar 30 to Apr 03,2020)

Nifty-EOD Chart Analysis 

(Corrective Waves)

Nifty-EOD Chart (27-Mar-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
2- Corrective Wave-A continuation with recent bottom formation at 7511.10 on 24-03-2020
3- Indications of Wave-B formations after last 10 Sessions sideways trading between 7512-9602 after rock bottom supports development between 7512-7970 in 3 sessions from 23-03-2020 to 25-03-2020

Conclusions from EOD chart analysis

(Corrective Waves)

Corrective Wave-A of "corrective ABC Waves" continuation after impulsive Wave-5 completion at 12430.50 on 20-01-2020. Although no confirmation of Wave-A completion and  Wave-B beginning but its 1st signal developed after last 10 Sessions sideways trading between 7512-9602 and rock bottom supports formation between 7512-7970 in 3 sessions from 23-03-2020 to 25-03-2020.

Nifty-EOD Chart Analysis 

(Fibonacci retracement levels)

Nifty-EOD Chart (27-Mar-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

Nifty-Fibonacci Retracement levels of corrective Wave-A(7511.1 to 12430.50):-

1- 13.0%- 8150.62 (Retraced)
2- 23.6%- 8672.08 (Retraced)
3- 27.0%- 8839.34 (Retraced)
4- 38.2%- 9390.31 (Crucial)
5- 50.0%- 9970.80  (Crucial)
6- 61.8%- 10551.30 (Crucial) 
7- 70.7%- 10989.10
8- 76.4%- 11269.50
9- 78.6%- 11377.70
10-88.6%- 11869.70 

Conclusions from EOD chart analysis 

(Fibonacci retracement levels)

As 27.0% Retracement has been completed also therefore 2nd signal of corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B formation to move towards above mentioned retracement levels 

Nifty

Last 10 Sessions intraday charts analysis

Nifty-Intra Day Chart (Mar 16 to Mar 27,2020):-

Just click on chart for its enlarged view

Technical Patterns formation in last 10 Sessions intraday charts

1- Selling(Resistances) in last 10 sessions between
A- 9254-9403
B- 9430-9584
C- 8846-9038
D- 8772-8883
E- 8760-8873
F- 8663-8733
2- Consolidation(Supports) in last 10 sessions between 
A- 8524-8627
B- 8479-8553
C- 8179-8423
D- 8087-8360
E- 7833-8024 
F- 7512-7970
3- 10 Sessions actual trading between 7512-9602 

Conclusions from 10 Sessions intra day chart analysis

Last 10 sessions sideways trading between 7512-9602 with above mentioned higher levels 6 resistances and lower levels 6 supports therefore Nifty will firstly trade and prepare for next decisive moves within this range,finally sustaining beyond this range will confirm next big moves which should be watched in the coming week/weeks.

As rock bottom support has developed between 7512-7970 in first 3 sessions of previous week therefore expected that this range will not be easily broken down. 

Nifty-Intra Day Chart Analysis

 (27-Mar-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels
2- Up moves in Bearish Rising Channel
3- Sharp fall
4- Whole day actual trading between 8523-9038

Conclusions from intra day chart analysis 

As package news with Repo rate cut expectation by RBI Governor at 10:00 AM was in limelight since last Friday morning therefore more than 3% huge gap up opening last Friday but Nifty started slipping from higher levels after first 15 minutes up moves.

Although sharp up moves were seen after Repo rate,stock markets and Industries favoring announcements but again market could not sustain at higher levels and slipped because sentiment turned heated after such nice announcements and selling also can not be ruled out on the back of this sentiments. As these Down moves were in Bullish Falling Channel therefore some consolidation was also seen at lower levels because after this again Down moves were seen in Bullish Falling Channel.

As lower levels some consolidation therefore up moves were seen after 01:30 PM despite much weaker opening of European markets and Dow Jones's Future was trading more than 250 down. As these up moves were in Bearish Rising Channel therefore again more than 200 points sharp fall was seen after 02:30 PM.

Both higher levels selling and lower levels consolidation was seen last Friday therefore firstly sustaining beyond last Friday trading range(8523-9038) should be watched in the beginning of next week for first signal of next decisive moves beginning confirmations.

Conclusions (After Putting All Studies Together)

1- Long term trend is down.
2- Intermediate term trend is down.
3- Short term trend has turned up after more than 1500 points recovery from lower levels in previous week.

Corrective Wave-A of "corrective ABC Waves" continuation and no indication of its completion yet but emergence of following 2 signals of its completion in previous week:-

1- Rock bottom supports formation between 7512-7970.
2- 27.0% Retracement completion of Wave-1 correction.

Nifty strongly recovered 1604.25 points from lower levels on 13-03-2020 and after that turned sideways as well as trading between 7512-9602 for the last 10 Sessions,finally sustaining beyond this range will form next big moves. As above mentioned 2 signals of Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning. 

Extremely fast Price-wise correction of Wave-A has almost been completed at 7511.10 but Time-wise is still left which will be seen in the coming weeks and months because market will firstly wait for complete normalization Coronavirus situation and after that economic and Industrial growth coming on track which will take its own time and that may be much longer also.

As above situation therefore Nifty may remain sideways between 7512-9602 and will take its own time but if Coronavirus situation does not worsen to extreme levels in India then more than 20% rally of Nifty and up moves above 10000 will be seen without slipping below 7511.10. 

Rally continuation expectations

Intra Day Chart Analysis & Market Outlook

(27-03-2020)

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

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Technical Patterns formation in today intraday charts

1- Sharp up immediately after opening
2- Down moves in Bullish Falling Channel
3- Sharp up moves
4- Selling between 8663-8733
5- Slipping after FM Nirmala Sitaraman Press Conference
6- Consolidation between 8453-8601
7- Up moves in last hour
8- Whole day actual trading between 8305-8749

Conclusions from intra day chart analysis 

As firstly sharp up immediately after opening and after that Down moves in Bullish Falling Channel therefore sharp up moves were seen after 11:00 AM but some selling also seen at higher levels because sentiment heated up due to package announcements expectations built up in FM Nirmala Sitaraman Press Conference at 01:00 PM today.

Although slipping after FM Nirmala Sitaraman Press Conference but follow up consolidation developed between 8453-8601 therefore up moves were seen in last hour,

As follow up consolidation developed after some selling between 8663-8733 therefore whole day today traing will be understood with good consolidation patterns formations and on going rally continuation is expected in the coming sessions and until Nifty will not sustain below 8453 after complete selling till then decisive down moves will not be seen.

Up moves towards next resistances if no crashing like situation in Global markets 

Intra Day Chart Analysis & Market Outlook

(26-03-2020)

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

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation between 7715-7970(Immediate Supports)
3- Strong up moves in Mid-session
4- Up moves in Bearish Rising Channel in last hour
5- Whole day actual trading between 7715-8376

Conclusions from intra day chart analysis 

As selling between 7845-7990 yesterday therefore firstly Nifty slipped after opening and consolidated between 7715-7970 then strong up moves were seen in Mid-session. Although today closing was near the higher levels of the day but some selling developed through Up moves in Bearish Rising Channel in last hour therefore firstly consolidation is required near about today hifger levels for fresh up moves.

If no crashing like situation in Asian markets tomorrow then today started up moves will remain continued towards following next resistances and until clear fresh selling patterns will not develop till then decisive down moves will not be seen because lower levels good consolidation has been developed between 7512-7840 in last 3 sessions and this range will be strong supports of Nifty.

1- 8429-8575 
2- 9254-9403
3- 9430-9584

Firstly watch levels for next decisive moves confirmations

Intra Day Chart Analysis & Market Outlook

(25-03-2020)

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

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Technical Patterns formation in today intraday charts

1- Tumbling more than 400 points in first 30 minutes
2- Consolidation between 7512-7740(Immediate Supports)
3- Up moves with downward correction
4- Selling between 7845-7990(Immediate Resistances)
5- 200 Points sharp fall in last hour
6- Whole day actual trading between 7512-8036

Conclusions from intra day chart analysis 

Although Nifty closed 12.98% down yesterday but we told for up moves above 8159.25 which were seen up to 8036.95 today after strong opening. 

It was highly volatile day today because Nifty tumbled more than 400 points in first 30 minutes and after that consolidated at lower levels. Although up moves with downward correction in Mid-sessions but higher levels selling was also seen therefore 200 Points sharp fall was seen in last hour. 

As lower levels consolidation and higher levels selling therefore today trading will be understood with Mixed Patterns formation between 7512-8036 and finally sustaining beyond this range will confirm next decisive moves which should be firstly watched in the coming sessions.

Expectations of Up moves above today highest 

Intra Day Chart Analysis & Market Outlook

(24-03-2020)

Nifty-Intra Day Chart (23-Mar-2020):-

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Technical Patterns formation in today intraday charts

1- Whole day down moves in Bullish Falling Channels
2- Whole day actual trading between 7584-8159

Conclusions from intra day chart analysis 

As sentiment turned tremendously depressed after all around lock down in some states and many cities therefore huge gap down opening and Indian markets hit 10% circuit filter before 11:00 AM today as well as Nifty closed 12.98% down finally. One more thing I would like to add here that sentiment worsened too too much but situation not that much and Indian markets over reacted today.

Although such high crash today but intraday charts patterns of today are suggesting consolidation through whole day down moves in Bullish Falling Channels therefore up moves above today highest(8159.25) is expected because today such huge down moves of today will be understood over reaction also. 

Finally crucial levels will confirm next trend 

Technical Analysis,Research & Weekly Outlook

(Mar 23 to Mar 27,2020)

Nifty-Last 5 Sessions intraday charts analysis

Nifty-Intra Day Chart (Mar 16 to Mar 20,2020):-

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Technical Patterns formation in last 5 Sessions intraday charts

1- Selling in last 5 sessions between
A- 8503-8883
B- 9254-9403
C- 9430-9584
2- Consolidation in last 5 sessions between 
A- 8179-8423
B- 8087-8360
C- 7833-8024 
3- 5 Sessions actual trading between 7832-9602 

Conclusions from 5 Sessions intra day chart analysis 

Last 5 sessions trading was between 7832-9602 with above mentioned higher levels 3 resistances and lower levels 3 supports therefore Nifty will not easily cross last 5 sessions trading range and will firstly trade as well as prepare for next decisive moves within this range,finally sustaining beyond this range will confirm next big moves which should be watched in the coming week/weeks.

Nifty-Intra Day Chart Analysis (20-Mar-2020)

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

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Technical Patterns formation in today intraday charts

1- Consolidation between 8179-8423(Immediate Supports)
1- 3 Hours 700 points up moves with downward corrections
3- Sharp fall after Maharashtra Govt. lockdown news
4- Slow up moves in last hour
5- Selling indications in last hours between 8503-8883(Immediate Resistances)
6- Whole day actual trading between 8179-8883

Conclusions from intra day chart analysis 

Although firstly slipping after positive opening but lower levels good consolidation was seen between 8179-8423 therefore 3 Hours 700 points up moves was seen with downward corrections. As sentiment changed suddenly after Maharashtra Govt lockdown news broken out hence Nifty crashed 380 points within only 36 Minutes. Although some up moves were seen in last hour but were slow therefore some selling also can not be ruled out during these up moves.

As last hours volatility with higher levels selling indications developed between 8503-8883 therefore this range will be understood immediate resistance of Nifty and until Nifty will not sustain above 8883 after complete consolidation till then decisive up moves will not be seen. 

Conclusions (After Putting All Studies Together)

As 3 EOD charts(Waves structure,Corrective Waves structure and Fibonacci retracement levels) were posted in previous weekly outlook(Mar 16 to Mar 20,2020) and no material change in previos week therefore EOD charts are not being repeated and only intraday charts of previous week are being posted:- 

1- Long term trend is down.
2- Intermediate term trend is down.
3- Short term trend is sideways between 7832-9602 for the last 5 sessions.

As Corona Virus led huge uncertainity therefore high volatility and in the Global markets hence Nifty traded within more than 1500 points in previous week. As some medicines have been proved effective to cure Corona Virus therefore some up moves were seen in most Global markets in previous week but sentiment turned depressed in India after Corona Virus spreading by Kanika Kapoor news broken out. No one knows about its seariousness and firstly it should be understood in next week,then next decisive moves will be considered. 

Next 3 supports and 3 resistances have been updated above and firstly sustaining then beyond should be watched one by one as well as finally crucial levels (7832-9602) will confirm next trend amid Corona Virus spreading news by Kanika Kapoor in India. 

Follow up consolidation will mean strong rally towards next resistances

Intra Day Chart Analysis & Market Outlook

(20-03-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts
1- Consolidation between 7833-8024(Immediate Supports)
2- Consolidation between 8087-8360(Immediate Supports)
3- Selling between 8429-8575(Immediate resistances)
4- Down moves in Bullish Falling Channel
5- Whole day actual trading between 7833-8575

Conclusions from intra day chart analysis 

Although 2.34% negative closing but 742 points strong recovery from lower levels after consolidation between 7833-8024. As more consolidation in Mid-session also therefore sharp up moves were seen before some selling at higher levels.

As some consolidation was also seen in last hour through down moves in Bullish Falling Channel after higher levels selling therefore up moves will be seen towards today highest. 

If follow up complete consolidation develop tomorrow and Nifty sustains above immediate resistances(8429-8575) then that will mean strong rally towards following next resistances:-

1- 9254-9403
2- 9430-9584

Strong Pull Back rally expectations if Global markets not crashing

Intra Day Chart Analysis & Market Outlook

(19-03-2020)

Nifty-Intra Day Chart (18-Mar-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- Whole day actual trading between 8408-9127

Conclusions from intra day chart analysis 

Although today closing was near the lower levels of the day after loosing 5.56% points but Whole day Down moves were in Bullish Falling Channels which is a consolidation signal therefore a strong Pull Back rally is expected because Short/Intermediate term indicators have also turned oversold.

Only one hurdle in Pull Back rally is that Global markets situation should not be in crashing mode.

Finally down moves amid Global cues led high volatility 

Intra Day Chart Analysis & Market Outlook

(18-03-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- More than 300 points up moves in first 2 hours
2- Selling between 9254-9403(Immediate Resistances)
3- 300 Points sharp fall in last hour
4- Whole day actual trading between 8915-9403

Conclusions from intra day chart analysis 

Although more than 300 points up moves in first 2 hours but higher levels good Selling between 9254-9403 therefore 300 Points sharp fall in last hour and closing near lower levels of the day after loosing 2.50% points.

As good selling was between 9430-9584 yesterday and follow up selling between 9254-9403 was seen today also therefore more down moves are expected and until Nifty will not sustain above 9584 after complete consolidation till then any decisive up move will not be seen and finally down moves are expected amid Global cues led high volatility expectations