Down moves expectations towards

 immediate supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(11-09-2020)

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

Technical Patterns formation in today intraday charts

1- Supports between 11343-11357

2- Up moves in Bearish Rising Channel

3- Down moves in Bullish Falling Channel

4- Double bottom supports at 11366(immediate supports)

5- Up moves in Bearish Rising Channel

6- Whole day actual trading between 11328-11464

Conclusions from intra day chart analysis 

As firstly supports between 11343-11357 after gap up opening therefore up moves were seen which were in Bearish Rising Channel hence signals of some selling developed.

As some consolidation was seen through Down moves in Bullish Falling Channel and Nifty got double bottom supports at 11366 therefore it will be immediate supports of Nifty.

Although closing was at the top of the day but last hour up moves in Bearish Rising Channel therefore signals of selling at higher levels also. 

As after 10:30 AM and higher levels selling patterns formations therefore view will not be Bullish and expected that finally Nifty will not sustain above today highest(11464) and down moves will be seen towards following immediate supports:-

1- 11366

2- 11343

 Some up moves are expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-09-2020)

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

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel

2- Down moves in Bullish Falling Channel

3- Up moves with downward corrections

4- Whole day actual trading between 11186-11298

Conclusions from intra day chart analysis 

Following supports were updated at 01:52 AM on 09-09-2020 in "Firstly watch 11290 amid Dow Jones 632 points negative closing":-

Next supports below 11290 are as follows:-

1- 11166-11218

Live proofs of exact levels are as follows:-

1- 1st support was told below 11218 and today opening was exactly at 11218.60.

2- Nifty got supports within 1st support range at 11185.15 today.

As most depressing Global cues therefore gap down opening but moved up after getting supports within 1st support range(11166-11218) at 11185.15 and consolidation was also seen through Down moves in Bullish Falling Channel and last 3 hour Up moves with downward corrections therefore some up moves are expected towards 11382-11437 tomorrow.

Expected that Nifty will firstly trade between 11166-11437 in the coming 1/2 sessions and prepare for next decisive moves within this range,let it happen then will be updated according to coming sessions intraday patterns formations.

Until Nifty will not sustain above 11437 till then decisive up moves and sustaining below 11166 after fresh selling will mean more decisive down moves which is finally expected also.

 Firstly watch 11290 amid Dow Jones 632 points negative closing

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-09-2020)

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

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Sideways trading between 11382-11437

3- Down moves with upward corrections

4- Whole day actual trading between 11290-11437

Conclusions from intra day chart analysis 

Following lines were told on 05-09-2020 in "Strongest indications of Wave-C formation to move Nifty towards and below 7511.10":-

5th and last supports between 11290-11330 was updated in previous week and Nifty formed previous week lowest within it at 11303.6 last Friday.

Supports between 11290-11330 was updated in both previous weekly Outlooks and today lowest was exactly at 11290.45.

Firstly sustaining beyond 11290 should be watched in the coming sessions because today intraday volatility was due to following big moves of Dow Jones Futures during Indian trading hours:-

1- Indian markets moved up from negative zone because Dow Jones Futures which was trading with good gains started up moves and one time it was trading more than 300 points up.  

2- Until Dow Jones Futures maintained at higher levels till then Nifty remain sideways.

3- As soon as Dow Jones Futures started to move down then Nifty also begun to slip. As Dow Jones Futures lost all it 300 points gains therefore Nifty closed at the lowest of the day.

As whole day today intraday volatility was only Dow Jones Futures led and any clear technical position formation was not seen therefore firstly sustaining beyond 11290 should be watched tomorrow amid Dow Jones 632 points negative closing because sustaining below 11290 will mean sharp fall possibility.

Next supports below 11290 are as follows:-

1- 11166-11218

2- 11086-11114

3- 11034-11060

4- 10880-10927

As busy therefore Stock Market Outlook of today(08-09-2020) is not being updated.

 Strongest indications of Wave-C formation to move Nifty towards and below 7511.10 

Technical Analysis,Research & Weekly Outlook

(Sep 07 to Sep 11,2020)

Nifty-EOD Chart Analysis

(Average,Trendline & Stochastics)

Nifty-EOD Chart (04-Sep-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

2- Wave-c of Wave-B completion indications with recent top formation at 11794.3 on 31-08-2020

3- Wave-B Trend line at 11470

4- Long Term Trend decider 200-Day SMA is today at 10808

5- Stochastic-%K(5) is at 31.28 & %D(3) is at 33.44

Conclusions from EOD chart analysis

(Average,Trendline & Stochastics)

Wave-B correction is very much on after its trendline at 11470 broken down on 31-08-2010 and no indication of its completion yet. 

As both lines of Stochastics are moving down and not reached into Over sold zone therefore correction continuation is expected.   

Long Term Trend decider 200-Day SMA is today at 10808 and finally sustaining it beyond will confirm the length of on going correction and life of Wave-B.

Nifty-EOD Chart Analysis

(Bollinger Band & MACD)

Nifty-EOD Chart (04-Sep-2020):-

Technical Patterns and Formations in EOD charts

1- Down moves towards lower Band

2- Slipped below 20 Day-SMA

3- MACD intersected Average line downward.

Conclusions from EOD chart analysis

(Bollinger Band & MACD)

As Nifty is moving towards lower Band in Bollinger Band and slipped below 20 Day-SMA also therefore indications of more down moves. 

MACD line intersected Average line downward is indicating Short Term Bearish trend formation.

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (04-Sep-2020):-

Technical Patterns and Formations in EOD charts

1- 13.0%-11237

2- 23.6%-10783

3- 27.0%-10637

4- 38.2%-10157(Crucial)

5- 50.0%-9652(Crucial)

6- 61.8%-9147(Crucial)

7- 70.7%-8765

8- 76.4%-8521

9- 78.6%-8427 

10-88.6%-7999 

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

Correction has been started in previous week which may be deeper also therefore following levels should be watched for halting of down moves and Pull back rally from there.

Conclusions

(After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is up.

3- Short term trend is has turned down in previous week.

Following lines were told on 29-08-2020 in "Watch 7 levels for deeper correction beginning confirmations ":-

As Wave-B is more than 5 months old therefore generating a signal of Wave-B time-wise completion. Weekly Stochastics is also showing negative divergence in Overbought zone hence suggesting that Wave-B is well riped for correction which may be deeper also.

Correction started from first sessions of previous week through 406 points crash from higher levels and that correction remained continued till last sessions of previous week and Nifty closed near the lowest of the week.

5th and last supports between 11290-11330 was updated in previous week and Nifty formed previous week lowest within it at 11303.6 last Friday. Next supports below it are as follows which should be watched because correction continuation is expected towards following supports in the coming week/weeks:-

1- 11166-11218

2- 11086-11114

3- 11034-11060

4- 10880-10927

Following negative signals have been generated after 406 points crash from higher levels;-

1- Long Bearish Engulfing candle formation on EOD chart on 31-08-2020.

2- Long Bearish Engulfing candle formation in previous week on Weekly chart.

3- Wave-B Trend line at 11470 has also broken down and previous weekly closing was below it at 11354.40 therefore generated strong indication of Wave-B completion.

As following developments also therefore it seems that Wave-B has been completed at 11794.25 on 31-08-2020 and strongest indications of Wave-C formation to move Nifty towards and below the origin level of Wave-B(7511.10) in the coming months:- 

1- Wave-B took more than 5 months therefore signalling its time-wise completion.

2- Wave-B gained 4283.15 points and retraced more than 86% of previous fall therefore signalling its Price-wise completion also.  

 Firstly watch 11431 for Dow Jones led deeper fall beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-09-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11550-11569

2- Support between 11508-11527

3- Up moves in Bearish Rising Channel

4- Down moves in Bullish Falling Channels

5- Whole day actual trading between 11508-11584

Conclusions from intra day chart analysis 

Hingh levels selling and lower levels buying as well as whole day both conosoidation and distribution patterns were seen therefore technically whole day today trading will be understood Mixed Patterns formation and finally sustaining beyond last 2 sessions trading range 11431-11584 should be watched for next decisive moves confirmations.

As Dow Jones traded more then 800 points down till this moment today and resultant in reaction SGX Nifty also traded below 22380 therefore finally today performance of Dow Jones should be watched tomorrow because that will impact on Indian markets opening and whole day trading tomorrow.

Good consolidation above 11431 yesterday and firstly sustaining it beyond should be watched tomorrow for Dow Jones led deeper fall beginning confirmations.

 11367-11553 will confirm next decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-09-2020)

Nifty-Intra Day Chart (02-Sep-2020):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel

2- Down moves in Bullish Falling Channel

3- Consolidation between 11431-11472

4- Sharp up

5- Selling between 11509-11554

6- Whole day actual trading between 11431-11554

Conclusions from intra day chart analysis 

Sideways market till 02:00 PM with lower levels buying and minor selling therefore sharp up was seen but higher levels again some selling therefore today market will be understood with Mixed Patterns formation.

Whole day yesterday trading was between 11367-11553 with good selling and Nifty traded within this range today with lower levels some buying also therefore firstly sustaining beyond 11367-11553 should be firstly watched tomorrow for next decisive moves beginning confirmations.

 Finally down moves below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-09-2020)

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

Technical Patterns formation in today intraday charts

1- Whole day Up moves in Bearish Rising Channels

2- Whole day actual trading between 11367-11553

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 80 points up and most Asian markets were trading in Green today morning therefore positive opening and whole day trading in Green zone also but good selling was seen through Whole day Up moves in Bearish Rising Channels hence finally down moves are expected below today lowest(11367) after follow up selling in the next 1/2 sessions.

Strongest indications of Wave-B 

completion & Nifty towards and

  below the origin level 

of Wave-B(7511.10)

 Nifty-Intra Day Chart Analysis & 

Market Outlook(01-09-2020)

Nifty-Intra Day Chart (31-Aug-2020):-

Technical Patterns formation in today intraday charts

1- Whole day down moves with upward corrections

2- Whole day actual trading between 11326-11794

Conclusions from intra day chart analysis 

As all the Global markets were strong therefore strong gap up opening and traded 146 points up also but as soon as Indo-China border tension news broke out in news channels then started slipping which remained continued till last minutes. Whole day selling was seen through down moves with upward corrections hence today started correction is expected in the coming sessions also because following negative signals have been generated after 406 points crash from higher levels;-

1- Bearish Engulfing candle formation on EOD and Weekly chart today.

2- Wave-B Trend line at 11470 broken down after closing below it at 11387.50 today.

3- 5 supports were updated on 29-08-2020 in "Watch 7 levels for deeper correction beginning confirmations" and Nifty has closed below first 3 supports today.

7 levels were updated for deeper correction beginning confirmations on 29-08-2020 and out of those 4 levels have been broken down today as well as Bearish Engulfing candle formation on EOD and Weekly chart therefore one of the strongest indications of Wave-B completion today and journey towards and below the origin level of Wave-B(7511.10) started after highest formation today at 11,794.25 

 Watch 7 levels for deeper correction beginning confirmations 

Technical Analysis,Research & Weekly Outlook

(Aug 31 to Sep 03,2020)

Nifty-EOD Chart Analysis

(Wave B structure & Stochastics)

Nifty-EOD Chart (28-Aug-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

2- Wave-a of Wave-B(9889.05 on 30-04-2020)

3- Wave-b of Wave-B(8806.75 on 16-05-2020)

4- Wave-c of Wave-B continuation with recent top formation at 11686.00 on 28-08-2020

5- Stochastic-%K(5) is at 86.26 & %D(3) is at 85.44

6- Stochastic is showing negative divergence in Overbought zone  

Conclusions from EOD chart analysis

(Wave B structure & Stochastics)

Wave-A of "ABC correction" completed at 7511.10 on 24-03-2020 and Wave-B started which is in continuation with recent top formation at 11686.00 on 28-08-2020 and no confirmation of its completion yet. 

As Short Term indicator has turned Overbought therefore emergence of Short Term correction expectations which may begin in the next week/weeks.

Nifty-EOD Chart Analysis

(Trendline & Average)

Nifty-EOD Chart (28-Aug-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

2- Wave-B continuation with recent top formation at 11686.00 on 28-08-2020  

3- Wave-B Trend line at 11470

4- Long Term Trend decider 200-Day SMA is today at 10819

Conclusions from EOD chart analysis

(Trendline & Average)

As indicators are Overbought therefore correction is expected hence firstly Wave-B Trend line(11470) and Long Term Trend decider 200-Day SMA(today at 10819) should be firstly watched in the coming week/weeks for the life of expected correction. 

Nifty-Intra Day Chart Analysis

(28-Aug-2020)

Nifty-Intra Day Chart (28-Aug-2020):-

Technical Patterns formation in today intraday charts

1- Whole day Up moves in Bearish Rising Channels

2- Whole day Down moves in Bullish Falling Channels

3- Whole day actual trading between 11590-11686

Conclusions from intra day chart analysis 

Although whole day positive zone trading but only volatility was seen. As selling developed through Whole day Up moves in Bearish Rising Channels and buying was seen through Whole day Down moves in Bullish Falling Channels therefore last Friday trading will be understood Mixed Patterns formation between 11590-11686 

Expected that Nifty will firstly trade and prepare for next moves within last Friday trading range(11590-11686) and finally sustaining it beyond will confirm next decisive moves which should be firstly watched  in the beginning of coming week.

Conclusions

(After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is up.

3- Short term trend is up. 

Wave-B continuation and no confirmation of its completion yet but Short Term Indicator Stochastics has turned Overbought therefore Short Term correction is expected which may begin any day. 

As sufficient selling patterns have not been seen in previous week therefore until complete selling patterns will not develop on EOD and Intraday charts till then deeper down moves will not be seen. 

Both intraday buying and selling was seen between 11590-11686 last Friday therefore sustaining beyond this range should be firstly watched in the beginning of next week and next supports below 11590 are as follows:-

1- 11541-11563

2- 11462-11494

3- 11427-11446

4- 11375-11394

5- 11290-11330

As Wave-B is more than 5 months old therefore generating a signal of Wave-B time-wise completion. Weekly Stochastics is also showing negative divergence in Overbought zone hence suggesting that Wave-B is well riped for correction which may be deeper also. Life and size of correction will be decided by following 2 Crucial levels:-

1- Wave-B Trend line at 11470.

2- Long Term Trend decider 200-Day SMA is today at 10819.

As Wave-B is well matured for completion and Wave-C beginning towards and below the origin level of Wave-B(7511.10) therefore above mentioned 7 levels(2 Crucial levels and 5 supports) should be watched for Wave-B completion and deeper correction beginning confirmations.

 Sustaining beyond 11541-11617 

will generate first signal

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-08-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11590-11617

2- Down moves in Bullish Falling Channels 

3- Volatility in last hour

4- Whole day actual trading between 11541-11617

Conclusions from intra day chart analysis 

As selling in first 4 hours therefore slipping in Mid-session but consolidation and support was also seen at lower levels through Down moves in Bullish Falling Channels.

Although volatility in last hour but both higher levels selling and lower levels some buying also therefore firstly sustaining beyond day's trading range(11541-11617) should be watched tomorrow for first signal of next decisive moves beginning after August derivative expiry.

Today highest will confirm more up moves

Nifty-Intra Day Chart Analysis &

 Market Outlook(27-08-2020)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 11462-11494

2- Slow up moves in last 2 hours

3- Whole day actual trading between 11462-11561

Conclusions from intra day chart analysis 

As firstly consolidation therefore up moves were seen in last 2 hours which were slow hence some profit booking can not be ruled out at higher levels. 

Short Term Indicators are overbought and some pofit booking also today therefore fistly sustaining above today highest(11561) should be watched for immedite more up moves confirmations.

As busy therefore Stock Market Outlook of today(26-08-2020) is not being updated.

 Break out of today trading range will confirm next decisive moves

Nifty-Intra Day Chart Analysis &

Market Outlook(25-08-2020)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 11411-11448

2- Sharp up

3- Selling between 11476-11497

4- Whole day actual trading between 11411-11497

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 80 points up and all the Asian markets were trading with good gains today morning therefore strong opening of Indian markets today. Although up moves in Mid-session after more than 2 hours consolidation but higher levels selling was also seen in last hours therefore Nifty will firstly trade and prepare for next moves within today range and finally valid break out of today trading range will confirm next decisive moves.

 Be cautions amid sudden forceful Wave-C correction beginning possibility

Technical Analysis,Research & Weekly Outlook

(Aug 24 to Aug 28,2020)

Nifty-EOD Chart Analysis

(Wave B structure)

Nifty-EOD Chart (21-Aug-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

2- Wave-a of Wave-B(9889.05 on 30-04-2020)

3- Wave-b of Wave-B(8806.75 on 16-05-2020)

4- Wave-c of Wave-B continuation with recent top formation at 11460.40 on 19-08-2020

5- Stochastic-%K(5) is at 71.51 & %D(3) is at 75.86

6- Stochastic is showing negative divergence in Overbought zone  

Conclusions from EOD chart analysis

(Wave B structure)

Wave-A of "ABC correction" completed at 7511.10 on 24-03-2020 and Wave-B started which is in continuation with recent top formation at 11460.40 on 19-08-2020 and no confirmation of its completion yet. 

Although Nifty is moving up but Stochastics is showing negative divergence in Overbought zone through moving down which is an indication of correction which may begin in the coming week/weeks. 

Nifty-Last 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 17 to Aug 21,2020):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Selling(Resistances) in last 5 sessions are between:- 

A- 11425-11460

B- 11393-11418

2- Consolidation(Supports) in last 5 sessions are sessions:-

A- 11296-11320

B- 11190-11225

3- 5 Sessions actual trading between 11145-11460 

Conclusions from 5 Sessions

intra day chart analysis 

Last 5 Sessions trading between 11145-11460 with lower levels supports and higher levels equally strong resistances also therefore Nifty will firstly trade and prepare for next decisive moves within last 5 sessions trading range in next week. Sustaining beyond this range should be watched in the coming week/weeks because that will give first signal of next decisive moves beginning.

Nifty-Intra Day Chart Analysis

(21-Aug-2020)

Nifty-Intra Day Chart (21-Aug-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 11393-11418

2- Sharp down

3- Whole day actual trading between 11363-11418

Conclusions from intra day chart analysis 

As some selling in sideways market therefore sharp down was seen just before 03:00 PM and closing near the lower levels of the day and expected that some down moves will be seen towards next supports(11290-11325) in the beginning of next week.

Conclusions

(After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is up.

3- Short term trend is up.

Although still Wave-B continuation no confirmation of its completion yet but it is almost 5 months old therefore generating a signal of time-wise correction completion. As Short and Intermediate Term indicators have turned over bought and showing negative divergence also therefore suggesting deeper correction signals which will begin in the coming week/weeks. 

Last 5 Sessions trading between 11145-11460 and finally sustaining beyond this range will generate following next decisive moves beginning signals:-

1- Above 11460 will mean Wave-B continuation towards the top of gap resistance(11433-11536)

2- Below 11145 will mean correction beginning which may be deeper also in the situation of sustaining below following 2 levels and that should also be watched for Wave-B completion confirmations and Wave-C beginning  towards ane below 7511.11:- 

A- Wave-B Trend line at 10915

B- Long Term Trend decider 200-Day SMA is today at 10829.

Although continuous new top formation of Wave-B but up moves are slow and without force therefore be cautions because sudden forceful Wave-C correction may begin any day in the coming week/weeks. 

 Watch levels amid some up moves are expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-08-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 1325-11352

2- Sharp fall

3- Down moves in Bullish Falling Channels

4- Whole day actual trading between 11290-11361

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Just watch next supports amid down moves expectations":-

1- 11367-11380

2- 11296-11320

Just watch above next supports amid down moves expectations below today lowest(11395)

As was told 100% same happened and down moves were seen as well as Nifty got supports just below 2nd supports at 11289.80.

As firstly selling after gap down opening but some consolidation was seen in last hours therefore today trading should be understood with Mixed patterns formations and finally sustaining beyond day's trading range(11290-11361) should be watched for next decisive moves beginning confirmations. As Indian markets outperformed Global markets therefore firstly some up moves are expected.Watch 

 Just watch next supports amid down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-08-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11425-11460(Immediate Resistances)

2- Down moves in last hour

3- Whole day actual trading between 11395-11460

Conclusions from intra day chart analysis 

Although whole day positive zone trading after gap up opening but good selling between 11425-11460 therefore it will be immediate resistances of Nifty and Until Nifty will not sustain above 11460 after complete consolidation till then decisive up moves will not be seen.

Once sustaining below today lowest will mean(11395) down moves towards following next supports:-

1- 11367-11380

2- 11296-11320

Just watch above next supports amid down moves expectations below today lowest(11395)

Sustaining above today highest will confirm rally continuation

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-08-2020)

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

Technical Patterns formation in today intraday charts

1- Sideways trading between 11296-11339

2- Slow up moves

3- Sideways trading between 11367-11401

4- Whole day actual trading between 11254-11401

Conclusions from intra day chart analysis 

Although today closing was at the top of on going rally with its new highest formations but one sided intra day patterns were not seen and sideways trading developed 2 times as well as Mid-session up moves were slow therefore selling also can not be ruled out.

As clear consolidation patterns were not seen today therefore firstly fresh consolidation and after that sustaining above today highest(11401) should be watched in the coming 1/2 sessions for rally continuation confirmation above today highest .

As busy therefore Stock Market Outlook of today(18-08-2020) is not being updated.

समस्त हिन्दुस्तानियों को 

स्वतन्त्रता दिवस की 

हार्दिक शुभकामनायें 

Wishing all Indians 

Happy Independence Day

 Nifty 3 Levels will confirm Wave-C beginning towards and below 7511.11

Nifty-Technical Analysis,Research

 & Weekly Outlook

 (Aug 17 to Aug 21,2020)

Nifty-Weekly Chart Analysis

(Corrective Waves & Stochastics)

Nifty-Weekly Chart (14-Aug-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 11373.60 on 11-08-2020 

4- Stochastic-%K(5) is at 78.53 & %D(3) is at 84.43

5- Stochastic is showing negative divergence in Overbought zone  

Conclusions from Weekly chart analysis

(Corrective Waves & Stochastics)

Impulsive Wave-5 completed after new life time high formation at 12430.50 on 20-01-2020 and after that Wave-A of "corrective ABC Waves" started which completed at 7511.10 on 24-03-2020. Now Wave-B continuation with recent top formation at 11373.60 on 11-08-2020 and no confirmation of its completion yet.

Although Nifty is moving up but Stochastics is showing negative divergence in Overbought zone through moving down which is strong indication of Wave-B big correction because this development is on Weekly Chart. 

As %K(5) of Stochastics has also intersected downward %D(3) in overbought zone therefore emergence of correction expectations in the coming week/weeks which may deeper also because this development is on Weekly Chart.

Nifty-EOD Chart Analysis

(Trendline,Average & Indicators)

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

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

2- Wave-B continuation with recent top formation at 11373.60 on 11-08-2020  

3- Wave-B Trend line at 10915

4- Long Term Trend decider 200-Day SMA is today at 10842

5- ROC and RSI are showing negative divergence

Conclusions from EOD chart analysis

(Trendline,Average & Indicators)

Corrective Wave-A completed at 7511.10 on 24-03-2020 and Wave-B started which is in continuation with recent top formation at 11373.60 on 11-08-2020.

Although Nifty is moving up but ROC and RSI Indicators are showing negative divergence in Overbought zone through moving down which is strong indication of Wave-B big correction.

As correction is expected therefore Wave-B Trend line(10915) and Long Term Trend decider 200-Day SMA(today at 10842) should be firstly watched in the coming week/weeks for the life of expected correction. 

NiftyLast 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 10 to Aug 14,2020):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Higher levels good selling in first 4 sessions

2- Good selling between 11292-11373 in first 4 sessions

3- 4 Hours selling between 11311-11366 on 14-08-2020

4- Sharp fall on 14-08-2020 

5- First 4 Sessions actual trading between 11238-11373 

Conclusions from 5 Sessions

intra day chart analysis 

As higher levels good selling in first 4 sessions of previous week and follow up selling on last day also therefore sharp fall was seen on last day of previous week.

As such huge selling in previous week therefore last Friday started down moves will remain continued in next week/weeks also.

Nifty Intra Day Chart

Analysis(14-Aug-2020)

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

Technical Patterns formation in today intraday charts

1- 4 Hours selling between 11311-11366(Immediate Resistances)

2- Sharp fall

3- Slow up moves in last hour

4- Whole day actual trading between 11112-11366

Conclusions from

intra day chart analysis 

As 4 hours good selling therefore sharp fall was seen in Mid-session. Slow up moves in last hour after minor supports at lower levels hence some up moves may be seen in the beginning of next week but until complete consolidation will not be seen till then those up moves will not be able to move or sustain above today highest(11366). 

Fresh 1/2 sessions selling below 11311 will mean more down down moves below last Friday lowest(11112) and it is finally expected also in next week.

Conclusions

(After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is up.

3- Short term trend has turned down after sharp fall on 14-Aug-2020.

Although Wave-b continuation and no confirmation of its completion yet but following strong indications of Wave-B completion and Wave-C beginning towards and below the origin level of Wave-B(7511.10):- 

1- Last 4 sessions trading range(11238-11373) broken down forcefully on 14-Aug-2020 and higher levels good selling in last 5 sessions. 

2- Stochastics on weekly chart is showing negative divergence in Overbought zone and %K(5) of Stochastics has also intersected downward %D(3). 

3- ROC and RSI Indicators are showing negative divergence in Overbought zone.

4- Wave-B is more than 4 months old therefore generating a signal of time-wise correction completion. 

As first indication through forceful break down of last 4 sessions trading range last Friday and Wave-B is also mature for its completion and deeper correction beginning therefore finally sustaining below following 3 levels should be watched in the coming week/weeks for Wave-B completion and Wave-C beginning towards and below 7511.11:-

1- Last 4 sessions lowest at 11238

2- Wave-B Trend line at 10915

3- Long Term Trend decider 200-Day SMA is today at 10842