Correction continuation which may be deeper also

Technical Analysis,Research & EOD Outlook

(Sep 21 to Sep 25,2020)

Nifty-EOD Chart Analysis

(Wave B structure & Stochastics)

Nifty-EOD Chart (18-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- 14 Sessions sideways trading between 11186-11585

4- Stochastic-%K(5) is at 67.87 & %D(3) is at 76.96

Conclusions from EOD chart analysis

(Wave B structure & Stochastics)

As Nifty crashed 406 points from higher levels and closed 260 points down on 31-08-2020 as well as formed long Bearish Engulfing candle on both EOD and Weekly chart therefore generated strongest indication of Wave-B completion at 11794.3 and Wave-C beginning to move towards and below the origin of Wave-B(7511.10).

Although such big fall on 31-08-2020 but after that Nifty has turned sideways between 11186-11585 immediately after that and since then trading within this range for the last 14 sessions.  

Short Term indicator Stochastics has also generated correction signal in following manner:-

1- Both lines have started to move down from over bought zone.

2- %K has intersected %d downward.

Nifty-EOD Chart Analysis

(Averages,Trend line & MACD)

Nifty-EOD Chart (18-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 is trading below its Trend line

4- Intermediate Term Trend decider 55-Day SMA is today at 11219

5- Long Term Trend decider 200-Day SMA is today at 10779

6- MACD line intersected Average line downward 

Conclusions from EOD chart analysis

(Averages,Trend line & MACD)

As Nifty is trading below Wave-B Trend line and MACD line intersected Average line downward in MACD indicator also therefore strong signals of decisive down moves beginning which will be seen in the coming week/weeks.

Now Nifty is trading above Intermediate Term Trend decider 55-Day SMA(today at 11219) and Long Term Trend decider 200-Day SMA(today at 10779) therefore Intermediate and Long Term Trends are up and Nifty will get some supports at these 2 Averages during its downward journey which should also be watched for these 2 main trends changing confirmations.  

Nifty-Last 14 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Sep 01 to Sep 18,2020):-

Technical Patterns formation in last 14 Sessions intraday charts

1- Selling(Resistances) in last 14 sessions are between:-

A- 11520-11584

B- 11397-11460

2- Consolidation(Supports) in last 14 sessions are sessions:-

A- 11301-11339

B- 11186-11243

C- 11343-11357

D- Double bottom supports at 11366

3- 14 Sessions actual trading between 11186-11585 

Conclusions from 14 Sessions

intra day chart analysis 

Nifty crashed 406 points higher levels on 31-08-2020 and after that traded last 14 sessions of this month between 11186-11585 with higher levels selling and lower levels buying.

As both higher levels higher levels good selling and lower levels equally good buying in last 14 sessions therefore Nifty will firstly trade within last 14 sessions trading range as well as prepare in the coming week for next decisive big moves beyond this range.

Nifty-Intra Day Chart Analysis

(18-Sep-2020)

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

Technical Patterns formation in today intraday charts

1- 5 Hours selling between 11538-11584(immediate Resistances)

2- Sharp fall

3- Slow up moves and sideways trading in last hour

4- Whole day actual trading between 11447-11584

Conclusions from intra day chart analysis 

As firstly 5 Hours good selling between 11538-11584 therefore sharp fall was seen. Although after that slow up moves and sideways trading in last hour but sufficient consolidation was not seen therefore more down moves are expected in the next week.

Conclusions (After Putting All Studies Together)

1- Long term trend is up and it will be down below 10779.

2- Intermediate term trend is sideways between 11186-11585 and it will be down below 11219.

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

As strongest indications of Wave-B completion and Wave-C beginning emerged on 31st Aug 2020 after 406 points sharp fall from higher levels therefore correction continuation is expected but immediately after that Nifty has turned sideways between 11186-11585 and once sustaining below it will mean huge fall because that will be Intermediate term trend turning down confirmation also after sustaining below its decider 55-Day SMA(today at 11219).

Following developments are suggesting deeper correction in the coming week/weeks:-

1- Nifty is trading below Wave-B Trend line.

2- %K has intersected %d downward in over bought zone Stochastics.

3- MACD line intersected Average line downward in MACD.    

As above developments therefore correction continuation is expected in the coming week/weeks which may be deeper also.

 correction continuation towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-09-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11552-11587(immediate Resistances)

2- Up moves in Bearish Rising Channels

3- Sharp fall

4- Whole day actual trading between 11499-11587

Conclusions from intra day chart analysis 

As Dow Futures was in deep Red and resultant all the Asian markets were trading in Negative zone trerefore weaker opening of Indian markets and firstly selling was seen between 11552-11587 hence this range will be immediate Resistances of Nifty and until Nifty will not sustain above it till then decisive up moves will not be seen.

Most of the up moves were in Bearish Rising Channels in Mid-session therefore sharp fall in last hour hence today closing was near the lowest of the day. 

As Short Term indicators are Over bought and whole day good selling patterns were seen therefore today started correction continuation in expected towards following next supports:-

1- Double bottom supports at 11366

2- 11301-11357

3- 11186-11243

 Finally sharp down after follow up selling

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-09-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11537-11588

2- Down moves in Bullish Falling Channel

3- Selling between 11595-11618

4- Whole day actual trading between 11517-11618

Conclusions from intra day chart analysis 

Although today closing was at the top of the day but selling patterns were also seen 2 times and little consolidation was through in Mid-session through Down moves in Bullish Falling Channel.

As soon as Dow Jones Futures started to move up and good opening of European markets also therefore Indian markets also have recovered.  

As Short Term indicators are Over bought and selling patterns are also being seen as well as only positive sentiments drives up moves therefore finally sharp down moves will be seen in the coming 1/2 sessions after follow up selling.

 Finally slip below today lowest after follow up selling 

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-09-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11485-44508 

2- Up moves in Bearish Rising Channels

3- Sideways trading between 11510-11535

4- Whole day actual trading between 11443-11535

Conclusions from intra day chart analysis 

As all the Asian markets were trading in Green after strong closing of US markets yesterday therefore positive opening of Indian markets.

Although Nifty closed 81 points up today but it was due to strong rally in Dow Jones Futures which was trading 175 points up and all the European markets were in Green.

As firstly selling between 11485-44508 and after that selling through Up moves in Bearish Rising Channels also therefore expected that Nifty will not sustain above today highest(11535) and will finally slip below today lowest(11443) after follow up selling in the coming 1/2 sessions.

 Finally down moves towards next supports

Nifty-Intra Day Chart Analysis & Market Outlook(15-09-2020)

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

Technical Patterns formation in today intraday charts

1- More than 4 hours sideways trading between 11520-11568

2- Sharp fall

3- Volatility in last hours

4- Whole day actual trading between 11384-11568

Conclusions from intra day chart analysis 

Live Proofs of levels accuracy:-

1st resistances between 11550-11569 were posted on 12-09-2020 in "More down moves expectations after fresh selling" and today highest is exactly at 11568.90.

Nifty traded sideways more than 4 hours within and just below above mentioned resistances(11550-11569) between 11520-11568 under heated sentiments due to following positive news flow:- 

1- DOW Futures was trading more than 300 points up.

2- All the Asian markets were trading in Green.

3- Oxford University said in a statement on Saturday that it is resuming the ‘paused’ vaccine trial of the ChAdOx1 COVID vaccine in clinical trial sites in the United Kingdom.

4- SEBI, in a circular, on Friday announced new set of portfolio allocation rules for multi cap mutual funds where the Market Regulator made it mandatory for the multi cap funds to invest a minimum of 25% of their portfolio each in large cap stocks, mid caps and small cap companies.

As some selling due to above Bullish developments therefore sharp fall was seen just before 02:00 PM and last hours Volatility therefore until Nifty will not sustain above today highest after complete fresh consolidation till then decisive up moves will not be seen.

Next resistances below today lowest are as follows:-

1- Double bottom supports at 11366

2- 11301-11357

3- 11186-11243

As some selling today and Very Short Term indicators have also turned over bought therefore expected that finally down moves will be seen towards above mentioned next supports after fresh selling in the coming sessions.

 More down moves expectations 

after fresh selling

Technical Analysis,Research & Weekly Outlook

(Sep 14 to Sep 18,2020)

Nifty-Weekly Chart Analysis 

(Wave B structure & Stochastics)

Nifty-Weekly Chart (11-Sep-2020):-

Technical Patterns and Formations in Weekly charts

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

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

3- Stochastic-%K(5) is at 65.47 & %D(3) is at 75.73

Conclusions from EOD chart analysis

(Wave B structure & Stochastics)

As Nifty crashed 406 points higher levels and closed 260 points down on 31-08-2020 as well as formed long Bearish Engulfing candle on both EOD and Weekly chart therefore generated strongest indication of Wave-B completion at 11794.3 and Wave-C beginning to move towards and below the ogigin of Wave-B(7511.10).

Emergence of following bearish signals from weekly Stochastics:-

1- Both lines have started to move down from over bought zone.

2- %K has intersected %d downward.

Nifty-Last 9 Sessions

 intraday charts analysis

Nifty-Intra Day Chart (Sep 01 to Sep 11,2020):-

Technical Patterns formation in last 9 Sessions intraday charts

1- Selling(Resistances) in last 9 sessions are between:- 

A- 11550-11569

B- 11400-11460

C- 11382-11437

D- 11451-11493

2- Consolidation(Supports) in last 9 sessions are sessions:-

A- 11301-11339

B- 11186-11243

C- 11343-11357

D-  Double bottom supports at 11366

3- 9 Sessions actual trading between 11186-11585 

Conclusions from 9 Sessions intra day chart analysis 

Nifty crashed 406 points higher levels on 31-08-2020 and after that traded last 9 sessions of this month between 11186-11585 with higher levels selling and lower levels buying.

As both higher levels higher levels good selling and lower levels equally good buying in last 9 sessions therefore Nifty will firstly trade within last 9 sessions trading range as well as prepare in the coming week for next decisive big moves beyond this range.

Nifty-Intra Day Chart Analysis

(11-Sep-2020)

Nifty-Intra Day Chart (11-Sep-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 11467-11493 

2- Up moves in Bearish Rising Channel

3- Selling between 11451-11470

4- Up moves in Bearish Rising Channel

5- Selling between 11457-11477

6- Whole day actual trading between 11420-11493

Conclusions from intra day chart analysis 

As whole day sideways trading with only selling patterns formations therefore expected that down moves will be seen below last Friday lowest(11419.90) in next week.

Conclusions 

(After Putting All Studies Together)

1- Long term trend is down.

2- Intermediate term trend is sideways between 11186-11585.

3- Short term trend is up.

Although higher levels good selling but lower levels some supports have also been developed in previous week therefore Nifty will firstly trade in next week between last 9 sessions trading range(11186-11585). As last Friday good intraday selling patterns formations therefore firstly Nifty will counter above mentioned supports(D & C)  

As strongest indications of Wave-C formation to move below 7511.10 after 260 points fall on 31st Aug 2020 and weekly Stochastics is also indicating more down moves therefore expected that finally Nifty will move below the lowest(11186) of last 9 sessions trading range after fresh selling in next week.

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.