As out of station therefore Stock Market Outlook of today(05-10-2020) is not being updated.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Sustaining above 11305 will confirm decisive up moves towards next resistances
Nifty-Intra Day Chart Analysis &
Market Outlook(01-10-2020)
Nifty-Intra Day Chart (30-Sep-2020):-
Technical Patterns formation in today intraday charts
1- Consolidation between 11185-11216
2- Selling between 11250-1282
3- Consolidation between 11208-1226
4- Up moves in Bearish Rising Channels
5- Down moves in Bullish Falling Channel
6- Whole day actual trading between 11185-11295
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly watch levels for next decisive moves confirmations":-
Expected that Nifty will firstly trade and prepare for next decisive moves within and near about today trading range(11181-11305) and finally sustaining it beyond will confirm next decisive moves which should be firstly watched in the coming sessions.
As was told yesterday 100% same happened today and Nifty traded whole day within already given trading range.
Although above mentioned both buying and selling patterns formations today but Indian markets out performed Global markets through most time positive zone trading and closing with 25 points gains despite following Global markets weakness:-
1- Dow Jones Futures traded most time more than 200 points down and was more than 250 points weaker at the time of Indian markets closing.
2- All the European were trading in Red and some were in deep Red.
As Dow Jones is now trading more than 400 points up and SGX Nifty is also more than 100 points positive therefore if such Global markets led Bullish sentiments does maintain till tomorrow morning then strong gap up opening will be seen tomorrow but sustaining above last 2 sessions highest(11305) should be firstly watched because selling was also seen below it in last 2 sessions and fresh consolidation is also required for sustaining above it.
Let Nifty sustain above 11305 then decisive up moves will be seen towards following next resistances;-
1- 11476-11529(Strong)
2- 11556-11598(Strong)
3- 11626-11670
4- 11742-11777
Firstly watch levels for next decisive moves confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(30-09-2020)
Nifty-Intra Day Chart (29-Sep-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 11241-11305
2- Selling between 11251-11282
3- Down moves in Bullish Falling Channels
4- Support between 11181-11227
5- Whole day actual trading between 11181-11305
Conclusions from intra day chart analysis
Although Nifty closed near the top of the day with 177 points gains yesterday but we were not Bullish and cautious therefore told following lines at 01:03 AM today in "Firstly watch 11237 for immediate up moves confirmations":-
firstly sustaining above 11237 should be watched tomorrow for immediate up moves confirmations.
Nifty could not sustain above 11237 and closed below it at 11222.40 after good selling above it. As some supports and consolidation through Down moves in Bullish Falling Channels was also seen below it today therefore whole day today trading will be understood with Mixed patterns formations between 11181-11305 because both lower levels buying and higher levels selling was seen today.
Expected that Nifty will firstly trade and prepare for next decisive moves within and near about today trading range(11181-11305) and finally sustaining it beyond will confirm next decisive moves which should be firstly watched in the coming sessions.
Firstly watch 11237 for immediate up moves confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(29-09-2020)
Nifty-Intra Day Chart (28-Sep-2020):-
Technical Patterns formation in today intraday charts
1- Whole day up moves with downward corrections
2- Slow up moves in last 3 hours
2- Whole day actual trading between 11100-11239
Conclusions from intra day chart analysis
Following resistances were updated on 26-09-2020 in "Firstly up moves towards next resistances but finally correction continuation towards next supports":-
1- 11119-11170
2- 11206-11237
3- 11277-11319
4- 11476-11529(Strong)
5- 11556-11598(Strong)
6- 11626-11670
7- 11742-11777
Although whole day up moves with downward corrections after gap up opening and as such selling patterns were not seen but up moves were slow in last 3 hours between above mentioned 2nd resistance range(11206-11237) and today closing was also within this range at 11,227.55 therefore firstly sustaining above 11237 should be watched tomorrow for immediate up moves confirmations.
Firstly up moves towards next resistances but finally correction continuation towards next supports
Technical Analysis,Research &
Weekly Outlook(Sep 28 to Oct 01,2020)
Live Proofs of 100% accurate Nifty Predictions
Following conclusive line was told in previous Weekly Outlook in the topic of"Correction continuation which may be deeper also":-
Correction continuation is expected in the coming week/weeks which may be deeper also.
As was told 100% same happened and Nifty crashed 715 points in previous week as well as Nifty corrected more than 1000 points from higher levels.
Nifty-EOD Chart Analysis
(Wave B structure,Averages & Stochastic)
Nifty-EOD Chart (25-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-B completion indications with recent top formation at 11794.3 on 31-08-2020 and correction beginning
3- Wave-B correction continuation with recent bottom formation at 10790.2 on 24-09-2020.
4- Intermediate Term Trend decider 55-Day SMA is today at 11247
5- Long Term Trend decider 200-Day SMA is today at 10757
6- Stochastic-%K(5) is at 18.64 & %D(3) is at 14.43
Conclusions from EOD chart analysis
(Wave B structure,Averages & Stochastic)
Corrective Wave-A completed at 7511.10 on 24-03-2020 and Wave-B started but strong signals of its completion at 11794.3 on 31-08-2020 after 406 points fall from higher levels and closing 260 points down on that day.
Although after that Nifty remained 15 Sessions sideways between 11186-11585 but this range was broken down on 22-09-2020 and 31-08-2020 started correction remained continued with recent bottom formation at 10790.2 on 24-09-2020.
As Nifty has not moved below 200-Day SMA(today at 10757) in on going correction therefore Long Term Trend is still up but strong indications of Intermediate Term Trend turning down after last 4 sessions closing below its decider 55-Day SMA(today at 11247)
Short term indicator Stochastic has moved into Oversold zone and %K(5) at 18.64 has intersected upward %D(3) at 14.43 therefore signals of Short term up moves which will be seen in next week.
Nifty-EOD Chart Analysis
(Fibonacci retracement levels)
Nifty-EOD Chart (25-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-B completion indications with recent top formation at 11794.3 on 31-08-2020 and correction beginning.
3- Fibonacci retracement levels of correction:-
1- 13.0%- 11237.40
2- 23.6%- 10783.43
3- 27.0%- 10637.80
4- 38.2%- 10158.09(Crucial)
5- 50.0%- 9652.68(Crucial)
6- 61.8%- 9147.26(Crucial)
7- 70.7%- 8766.06
8- 76.4%- 8521.92
9- 78.6%- 8427.69
10-88.6%- 7999.38
Conclusions from EOD chart analysis
(Fibonacci retracement levels)
Wave-B completion continuation which will be according to above mentioned Fibonacci retracement levels and that should be watched for supports getting and next moves in coming weeks/months/years.
Nifty-Intra Day Chart Analysis
(25-Sep-2020)
Nifty-Intra Day Chart (25-Sep-2020):-
Technical Patterns formation in today intraday charts
1- Consolidation between 10855-10921
2- Up moves
3- Consolidation between 10966-11010
4- Up moves
5- Sideways trading between 11027-11072
6- Whole day actual trading between 10855-11072
Conclusions from intra day chart analysis
As whole day good consolidation with continuous up moves after strong opening and selling patterns were not seen therefore last Friday started up moves will be seen in the beginning of next week.
Conclusions
(After Putting All Studies Together)
1- Long term trend is up.
2- Intermediate term trend is down.
3- Short term trend is down.
Strongest indications of Wave-B completion and Wave-C beginning emerged on 31st Aug 2020 since then Nifty has slipped more than 1000 points from higher levels.
Nifty remained 15 Sessions sideways between 11186-11585 after 31st Aug 2020 sharp fall and this 15 Sessions range has also been broken down in last week which is a strong indication of more down down moves below the lowest of on going correction(10790.2).
As Short term indicator Stochastic has moved into Oversold zone and good consolidation was seen last Friday also therefore previous session started up moves which will be seen in the beginning of next week towards following next resistances;-
1- 11119-11170
2- 11206-11237
3- 11277-11319
4- 11476-11529(Strong)
5- 11556-11598(Strong)
6- 11626-11670
7- 11742-11777
As strong signals of Wave-C beginning for down moves towards and below 7511.10 therefore finally following next supports should be watched in the coming weeks/months;-
1- 10855-10921
2- 10966-11010
3- 10627-10686
4- 10503-10545
5- 10224-10348(Strong)
6- 10069-10137
7- 9873-9934
8- 9696-9802
Although firstly up moves are expected in next week but will fuse near about above mentioned resistances in the coming 2/3 weeks and finally on going correction will remain continued towards above mentioned supports.
Finally down moves amid volatility possibility
Nifty-Intra Day Chart Analysis &
Market Outlook(22-09-2020)
Nifty-Intra Day Chart (21-Sep-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 11481-11535
2- Last 3 hours down moves
3- Whole day actual trading between 11218-11535
Conclusions from intra day chart analysis
Following lines were told at 03:03 AM on 19-09-2020 in "Correction continuation which may be deeper also":-
1- correction continuation is expected in the coming week/weeks which may be deeper also.
2- Consolidation(Supports) in last 14 sessions are sessions:-
A- 11301-11339
B- 11186-11243
As was told 100% same happened and:-
1- Nifty closed 2.21% down today.
2- Nifty got supports within 2nd supports range(11186-11243) at 11218.50 and closed just above it at 11250.55 today.
As good selling in previous week and firstly 3 hours follow up selling between 11481-11535 today therefore down moves were seen in last 3 hours and today closing was near the lower levels of the day.
Sufficiently strong supports were lying between 11186-11243 and Nifty honored this support range today therefore Nifty will firstly trade within and above it tomorrow as well as some up moves also can not be ruled out if Asian markets will not be in crashing mode tomorrow morning because Very-Very Short Term indicators have turned Over sold after last 3 hours today down moves.
Finally down moves will be seen below today lowest(11218.50) after 1/2 sessions trading near about 11186-11243 amid volatility possibility.
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
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.
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