11526 will confirm downward trend formation

Technical Analysis,Research & Weekly Outlook 

(Nov 02 to Nov 06,2020)

Nifty-EOD Chart Analysis (Wave-B structure)

Nifty-EOD Chart (30-Oct-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-1 (9889.05 on 30-04-2020)

3- Wave-2 (8806.75 on 18-05-2020)

4- Wave-3 (11794.30 on 31-08-2020)

5- Wave-4 (10790.20 on 24-09-2020)

6- Wave-5 of Wave-B continuation with recent top formation at 12025.45 on 15-10-2020

7- Last 19 Sessions sideways trading between 11536-12025 

Conclusions from EOD chart analysis(Wave-B structure)

Corrective Wave-A completed at 7511.10 on 24-03-2020 and after that Wave-B started. Now Wave-5 of Wave-B continuation with recent top formation at 12025.45 and no confirmation of its completion yet.

Last 19 Sessions sideways trading between 11565-12025 and finally sustaining beyond this range will confirm next big moves which should be firstly watched in the coming week/weeks.

 

Nifty-EOD Chart Analysis

(Averages,MACD & Stochastic)

Nifty-EOD Chart (30-Oct-2020):-

Technical Patterns and Formations in EOD charts

1- Wave-B continuation with recent top formation at 12025.45 on 15-10-2020.

2- MACD line intersected Average line downward 

3- -%K(5) is at 19.72 & %D(3) is at 26.84

4-Averages

A- 5-Day SMA is today at 11740

B- 21-Day SMA is today at 11789

C- 55-Day SMA is today at 11526

D- 200-Day SMA is today at 10703

Conclusions from EOD chart analysis

(Averages,MACD & Stochastic)

Following indicators are suggesting downward trend formation is beginning:-

1- 5-Day SMA(today at 11740) has moved below 21-Day SMA(11789) 

2- MACD line clearly intersected Average line downward 

Nifty got support just above 55-Day SMA(today at 11526) therefore Intermediate Term Trend is still intact and Stochastic is moving into Over sold zone as well as Long Term Trend is very much up therefore some up moves may be seen in the beginning of next week.

Nifty-Last 19 Sessions intraday charts analysis

Nifty-Intra Day Chart (Oct 06 to Oct 30,2020):-

Technical Patterns formation in last 19 Sessions intraday charts

1- Selling(Resistances) in last 19 sessions are between:-

A- 11710-11744

B- 11875-11945 

C- 11974-12025 

2- Consolidation(Supports) in last 19 sessions are sessions:-

A- 11536-11600

B- 11565-11607

3- 19 Sessions actual trading between 11536-12025 

Conclusions from 19 Sessions intra day chart analysis 

Previous supports were between 11565-11607 and some consolidation was seen within and near about this range between 11536-11600 last Friday therefore some up moves can not be ruled out in the beginning of next week.

As sufficiently strong resistances also have been developed at higher levels in the last 19 sessions therefore until Nifty will not sustain above 12025 after complete fresh consolidation till then next rally will not be considered. 

Fresh selling and once sustaining below 11536 will mean sharp down moves therefore firstly sustaining it beyond should be watched in next week because last Friday closing was little above this level.

Nifty-Intra Day Chart Analysis

(30-Oct-2020)

Nifty-Intra Day Chart (30-Oct-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 11717-11748

2- Down moves with upward corrections

3- Support between 11536-11600

4- Up moves with downward corrections

5- Whole day actual trading between 11536-11748

Conclusions from intra day chart analysis 

As selling in first hour therefore down moves were seen after that but got supports at lower levels hence up moves in last 2 hours.

Although last 2 hours up moves were with downward corrections and resultant some more up moves will be seen in the beginning of next week but good selling was seen between 11717-11748 therefore until Nifty will not sustaining above 11748 after fresh consolidation till then decisive up moves will not be seen.

Conclusions (After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is up and will be down after sustaining below its decider 55-Day SMA(today at 11526)

3- Short term trend is down.

Last 19 sessions sideways trading between 11536-12025 at the top of on going Wave-B OF which 5th Wave is on and once sustaining below it will mean correction of whole that wave which started from 7511.10 on 24-03-2020

As last 19 sessions lowest is at 11536 and Intermediate term trend decider 55-Day SMA is just below it at 11526 therefore sustaining below 11526 will confirm next big down moves which should be firstly watched in next week because MACD is also confirming downward trend formation.

 Today lowest(11607) will confirm deeper correction

Nifty-Intra Day Chart Analysis &

Market Outlook(30-10-2020)

Nifty-Intra Day Chart (29-Oct-2020):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel

2- Selling between 11680-11744 

3- Down moves in Bullish Falling Channel

4- Whole day actual trading between 11607-11744

Conclusions from intra day chart analysis 

When US markets and SGX Nifty were crashing then following lines were told on 28-10-2020 in "Sustaining below 11662 will confirm sharp fall":-

technically sustaining beyond 11662-11756 should be firstly watched tomorrow for next big moves confirmations.

As Asian markets were also trading weak therefore gap down opening of Indian markets and closed also in Red above 11662 at 11670.80.

Firstly selling was seen at higher levels but minor consolidation was also seen at lower levels in last hours therefore sustaining below today lowest(11607) should also be firstly watched for deeper correction confirmations.

Sustaining below 11662 will confirm sharp fall

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-10-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11814-11929

2- Supports between 11685-11756 

3- Whole day actual trading between 11685-11929

Conclusions from intra day chart analysis 

Following lines were told on 24-10-2020 in "Watch 2 levels one by one for next trend first signal and final confirmation":-

Firstly sustaining beyond following 2 levels should be watched one by one in the coming week/weeks for first signal and final confirmations:- 

1- 11824-11975 

2- 11662-12025

Nifty traded within above mentioned 2nd range(11662-12025) in last 3 sessions and selling was seen at higher levels but some supports was also seen at lower levels today between 11685-11756 therefore technically sustaining beyond 11662-11756 should be firstly watched tomorrow for next big moves confirmations.

As Dow Jones is now 800 points down and and SGX Nifty is also trading more than 100 points down at this moment therefore if such Bearish sentiment maintains till tomorrow morning then huge gap down opening will be seen below 11662 and once sustaining below it will mean valid break down of last 15 sessions trading range(11662-12025) and confirmation of sharp fall of Indian markets.  

As still not feeling well therefore Stock Market Outlook of today(28-10-2020) is not being updated but tomorrow Outlook will be posted positively.

 As not feeling well therefore Stock Market Outlook of today(27-10-2020) is not being updated.

Watch 2 levels one by one for next trend first signal and final confirmation

Technical Analysis,Research & Weekly Outlook

(Oct 26 to Oct 30,2020)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (23-Oct-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 12025.45 on 15-10-2020

Conclusions from EOD chart analysis

(Corrective Waves)

Wave-B continuation with recent top formation at 12025.45 on 15-10-2020 and no confirmation of its completion yet.

Nifty-EOD Chart Analysis

(MACD)

Nifty-EOD Chart (23-Oct-2020):-

Technical Patterns and Formations in EOD charts

1- Wave-B continuation with recent top formation at 12025.45 on 15-10-2020.

2- MACD line intersected Average line downward 

Conclusions from EOD 

chart analysis(MACD)

Wave-B continuation with recent top formation at 12025.45 on 15-10-2020 and no confirmation of its completion yet but in MACD indicator MACD line intersected Average line downward therefore emergence of downward trend beginning signal which may be seen in the coming week/weeks.

Nifty-Last 12 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Oct 08 to Oct 23,2020):-

Technical Patterns formation in last 12 Sessions intraday charts

1- Selling(Resistances) in last 12 sessions are between:-

A- 11886-11949 

B- 11985-12018 

2- Consolidation(Supports) in last 12 sessions are sessions:-

A- 11778-11832 

B- 11668-11725

3- Last 2 Sessions sideways trading between 11824-11975

4- 12 Sessions actual trading between 11662-12025 

Conclusions from 12 Sessions

intra day chart analysis 

As last 12 Sessions trading between 11662-12025 with lower levels supports,higher levels resistances and also last 2 Sessions sideways trading between 11824-11975 therefore Nifty will firstly trade and prepare for next decisive moves within and near about last 2 Sessions trading range in the beginning of next week. 

For first signal of next decisive beginning sustaining beyond last 2 Sessions trading range(11824-11975) should be firstly watched in the beginning of coming week and finally sustaining beyond last 12 sessions trading range(11662-12025) should be watched in the coming week for next big moves beginning.

Nifty-Last 2 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Oct 22 & Oct 23,2020)

Technical Patterns formation in last 2 Sessions intraday charts

1- Whole day sideways trading between 11824-11935 on 22-10-2020

2- Whole day sideways trading between 11909-11975 on 23-10-2020

3- 2 Sessions actual trading between 11824-11975 

Conclusions from 2 Sessions

intra day chart analysis 

As last 2 Sessions sideways trading between 11824-11975 and one sided trading patterns were not seen therefore expected that Nifty will trade and prepare for next decisive moves within this range and finally sustaining it beyond will confirm next moves which should be firstly watched in next week.

Conclusions

(After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is sideways between 11662-12025 for the last 12 sessions.

3- Short term trend is sideways between 11824-11975 for the last 2 sessions.

Wave-B continuation with recent top formation at 12025.45 on 15-10-2020 and no confirmation of its completion yet but last 12 sessions sideways between 11662-12025 and finally sustaining beyond this range will confirm next big moves in following manner:-

1- Above 12025 will mean Wave-B continuation towards life time highest(12430.50) 

2- Below 11662 will mean deeper correction beginning and emergence of Wave-B completion first signal at 12025.45 on 15-10-2020.

As in MACD indicator MACD line intersected Average line downward therefore once sustaining below 12025.45 will mean downward trend formation confirmation which may be deeper also.

Firstly sustaining beyond following 2 levels should be watched one by one in the coming week/weeks for first signal and final confirmations:-

:_

1- 11824-11975 

2- 11662-12025

Levels will confirm next moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-10-2020)

Nifty-Intra Day Chart (22-Oct-2020):-

Technical Patterns formation in today intraday charts

1- Whole day sideways trading between 11824-11935

2- Whole day actual trading between 11824-11939

Conclusions from intra day chart analysis 

As whole day sideways trading between 11824-11935 and one sided trading patterns were not seen therefore expected that Nifty will trade and prepare for next decisive moves within this range and finally sustaining it beyond will confirm next moves which should be firstly watched tomorrow. 

Firstly watch levels for

 first strong signal

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-10-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11985-12018

2- Violent volatility in last two and half hour

3- Whole day actual trading between 11776-12018

Conclusions from intra day chart analysis 

Selling was seen between 11923-12025 on 15-10-2020 and follow up selling was seen within this range between 11985-12018 today therefore resistances at higher levels have turned stronger today.  

As selling was seen in previous 2 sessions therefore down moves below 11820.40 and 11838 were told in previous 2 Outlooks and Nifty slipped below these 2 levels also today but amid last two and half hour violent volatility therefore view will cautious and levels will be firstly watched tomorrow because technical positions reverses in such high volatility also. 

As previous 2 sessions selling between 11985-12025 therefore firstly sustaining it beyond should be watched tomorrow for first strong signal of next decisive moves beginning. 

Finally Nifty will fall after 

follow up selling

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-10-2020)

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

Technical Patterns formation in today intraday charts

1- Selling Patterns formation between 11886-11949

2- Whole day actual trading between 11838-11949

Conclusions from intra day chart analysis 

As whole day selling Patterns formation between 11886-11949 today therefore Nifty will not sustain above today highest(11949) and finally Nifty will fall below today lowest(11838) after follow up selling in the coming 1/2 sessions despite Dow Jones is now trading more than 250 points up and SGX Nifty is also now 51 points up.

 Correction continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-10-2020)

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

Technical Patterns formation in today intraday charts

1- Whole day up moves in Bearish Rising Channels

2- Whole day actual trading between 11821-11898

Conclusions from intra day chart analysis 

Although closing was near the higher levels of the day but selling patterns were seen through whole day up moves in Bearish Rising Channels therefore last Thursday started correction continuation is expected below day's lowest(11820.40) in the coming sessions. 

Previous week started correction continuation expectations towards next supports

Technical Analysis,Research & Weekly Outlook

(Oct 19 to Oct 23,2020)

Nifty-EOD Chart Analysis 

(Fibonacci retracement levels)

Nifty-EOD Chart (16-Oct-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 12025.45 on 15-10-2020 and correction beginning.

3- Fibonacci retracement levels of correction:-

1- 13.0%- 11438 

2- 23.6%- 10960 

3- 27.0%- 10806

4- 38.2%- 10301(Crucial)

5- 50.0%-  9768(Crucial)

6- 61.8%-  9235(Crucial)

7- 70.7%-  8833

8- 76.4%-  8576

9- 78.6%-  8477

10-88.6%-  8025

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

As 363 points sharp fall from higher levels on 15-10-2020 and Nifty closed below the lowest of last 5 sessions after testing psychological level of 12000 therefore first strong signal 

Wave-B completion and Wave-C beginning.

Once confirmation of Wave-C formation will mean correction continuation according to  above mentioned Fibonacci retracement levels and that should be watched for supports getting and next moves in coming weeks/months/years.

Nifty-EOD Chart Analysis

((Averages)

Nifty-EOD Chart (16-Oct-2020):-

Technical Patterns and Formations in EOD charts

1- 5-Day SMA is today at 11855

2- 13-Day SMA is today at 11678

3- 55-Day SMA is today at 11421

4- 200-Day SMA is today at 10721

Conclusions from EOD chart analysis

(Averages)

Short Term Trend has turned down after after slipping 363 points from higher levels on 15-10-2020 and last 2 sessions closing below its decider 5-Day SMA(today at 11855).

Although Nifty tested 13-Day SMA(today at 11678) in last 2 sessions but closed above it. Once sustaining below it will mean first signal of Intermediate Term Trend turning down and its confirmation will be after sustaining below its decider 55-Day SMA(today at 11421)

Long Term Trend is very much up because Nifty closed more than 1000 points up its decider 200-Day SMA(10721) last Friday and even it was not tested in Sep 2020 fall also.  

Nifty-Intra Day Chart Analysis

(16-Oct-2020)

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

Technical Patterns formation in today intraday charts

1- Sharp down after positive opening

2- Sideways trading between 11717-11768

3- Up moves in Bearish Rising Channel

4- Sideways trading between 11747-11789

5- Whole day actual trading between 11668-11789

Conclusions from intra day chart analysis 

Although firstly sharp down after strong opening but after that whole day slow up moves were seen and some selling also through Up moves in Bearish Rising Channel.

As up moves were slow and 2 times sideways trading as well as one sided trading patterns were not seen therefore Nifty will firstly trade and prepare for next decisive moves between and near about 11717-11789 in the beginning of next week and firstly sustaining it beyond should be watched in next week for next decisive moves beginning confirmations.

Conclusions

(After Putting All Studies Together)

Although Wave-B continuation and no confirmation of its completion yet but first signal of its completion and Wave-C beginning had been generated after Long Black Engulfing Candle formation on 15-10-2020. As Very-Very Short Term indicators have turned Oversold after 15th Oct 2020 big fall therefore some up moves towards following next resistances can not be ruled out in the beginning of next week:-

1- 11823-11883

2- 11923-12025

Once failing to sustain above resistances will mean correction continuation towards and below following next supports:-

1- 11565-11607

2- 11391-11417

3- 11201-11270

4- 11073-11099(Gap support)

5- 10963-11006

6- 10791-10833

Long Term Trend decider 200-Day SMA is today at 10721 which is just below 6th support lowest and once sustaining below it will mean Long Term Trend turning down confirmation as well as Wave-C formation confirmation to move below the origin of Wave-B(7511.10).

Although some up moves can not be ruled out in the beginning of next week but expected that Nifty will not be able to sustain above resistances and finally Nifty will slip below last week lowest(11661.3) and previous week started correction will remain continued towards above mentioned next supports one by one. 

 Finally correction continuation after follow up selling 

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-10-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11841-12025

2- Sharp down moves in last 3 hours

3- Whole day actual trading between 11662-12025

Conclusions from intra day chart analysis 

Although Nifty closed at the top of the day yesterday but we were not Bullish because before that more than 4 hours trading between 11823-11883 was not with consolidation patterns but only with volatility therefore we were cautious hence told following lines yesterday in "Levels will confirm next decisive moves "

firstly sustaining beyond 12000 and after that 11782-11883 should be watched for next decisive moves confirmations.

Our Previous Outlooks on "Home Page" are live proofs of this fact that we are continuously telling that Nifty will not sustain above 12000 and it has been seen in this week.

As intraday patterns of previous sessions were showing selling patterns and today was its reaction day therefore sharp fall was seen with huge follow up selling and Nifty closed at the lower levels of the day after slipping 363 points from higher levels.

As Very-Very Short Term indicators have turned Oversold after today huge fall therefore some up moves can not be ruled out but expected that finally today started correction will remain continued after follow up selling in the coming 1/2 sessions.

 Levels will confirm next decisive moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-10-2020)

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

Technical Patterns formation in today intraday charts

1- More than 4 hours volatile trading between 11823-11883

2- Sharp up in last hours

3- Whole day actual trading between 11823-11997

Conclusions from intra day chart analysis 

Following line was told at 12:47 AM on 14-10-2020 in "Correction continuation towards next supports":-

correction continuation is expected below day's lowest and towards next supports between 11782-11840

Nifty got supports within yesterday mentioned supports(11782-11840) and after that sharp up was seen in last hours but firstly more than 4 hours volatile trading between 11823-11883 because:-

Whole day today was full of following misleading news from media channels regarding Supreme Court hearing on Loan Moratorium:-

1- Firstly news was hearing will begin from 10:30 AM.

2- After that news came that hearing will start after Lunch Break.

3- After 02:30 PM channels told that Loan Moratorium case will be heard in the last.

4- After 03:00 PM this news was broadcasted that Judgement will not be announced today.

As such misleading news flow therefore 4 hours volatile trading between 11823-11883 and after that sharp up in last hours therefore firstly sustaining beyond 12000 and after that 11782-11883 should be watched for next decisive moves confirmations.

Correction continuation towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-10-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11943-11989

2- Selling between 11922-11952

3- Whole day actual trading between 11888-11989

Conclusions from intra day chart analysis 

As whole day good selling therefore correction continuation is expected below day's lowest and towards next supports between 11782-11840.

Finally correction without sustaining above 12000

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-10-2020)

Nifty-Intra Day Chart (12-Oct-2020):-

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections

2- Down moves in Bullish Falling Channel

3- Up moves in Bearish Rising Channel

4- Whole day actual trading between 11868-12022

Conclusions from intra day chart analysis 

As most Asian markets were trading with good gains therefore strong gap opening and firstly trading also above 12000 but not sustaining and started to slip. 

Although first 3 hours down moves were with upward corrections which means that down moves with continuous selling but some lower levels consolidation was also seen Down moves in Bullish Falling Channel therefore today lowest will be immediate supports of nifty.

As last hour slow up moves were in Bearish Rising Channel therefore follow up selling will be understood which means that intraday chart of today is showing sufficient selling.

More or less today trading will be understood will higher levels selling and expected that finally correction will be below today lowest without sustaining above 12000 despite Dow Jones is now trading more than 300 points up and SGX Nifty is now trading above 12000.  

Bank Nifty-Levels will confirm the life of on going previous week rally

Bank Nifty Weekly Outlook

(Oct 12 to Oct 16,2020)

Bank Nifty-EOD Chart Analysis

(Corrective Waves)

Bank Nifty-EOD Chart (09-Oct-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time high formation at 32613.1 on 30-12-2019 and Wave-A of "corrective ABC Waves" beginning

2- Corrective Wave-A completion at 16116..3 on 24-03-2020 and Wave-B beginning

3- Wave-B continuation with recent top formation at 25232.6 on 31-08-2020

4- Stochastic-%K(5) is at 92.75 & %D(3) is at 92.06

Conclusions from EOD chart analysis

(Corrective Waves)

Wave-B continuation with recent top formation at 25232.6 on 31-08-2020 and no confirmation of its completion yet.

Nifty-EOD Chart Analysis (Stochastic)

Nifty-EOD Chart (09-Oct-2020):-

Technical Patterns and Formations in EOD charts

1- Wave-B continuation with recent top formation at 25232.6 on 31-08-2020

2- Stochastic-%K(5) is at 92.75 & %D(3) is at 92.06

Conclusions from EOD chart analysis

(Stochastic)

As Short Term indicator Stochastic is completely overbought therefore Short Term correction is very much due which will start any day in next week and expected that correction may be deeper also.

Bank Nifty-Intra Day Chart Analysis

(09-Oct-2020)

Bank Nifty-Intra Day Chart (09-Oct-2020):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel

2- Last 4 hours sideways trading between 23551-23904 

3- Whole day actual trading between 23133-23904

Conclusions from intra day chart analysis 

As Global markets were strong therefore sentiment was heated hence whole day up moves were seen. Although last Friday closing was at the top of the day but firstly up moves were in Bearish Rising Channel and last 4 hours sideways trading was between 23551-23904 therefore expected that Bank Nifty will firstly trade and prepare for next decisive moves within and near about this trading range in the beginning of next week. 

Finally sustaining beyond 23551-23904 will confirm next decisive moves which should be firstly watched in next week. 

Conclusions

(After Putting All Studies Together)

All trends are up and Wave-B continuation with recent top formation at 25232.6 on 31-08-2020 as well as no confirmation of its completion yet.

As Short Term Indicator Stochastic is over bought therefore Short Term correction is very much due but intraday charts of previous week are not showing good selling patterns therefore immediate down moves will not be seen.

Last 4 hours sideways trading between 23551-23904 was seen last Friday and clear one sided intraday trading patterns were not seen therefore firstly sustaining it beyond should be watched in the beginning of next week for next decisive moves beginning confirmations.

Although Bank Nifty under performed most Indices in post March 2020 rally but it has out performed most Indices in previous week and clear selling patterns were not seen also therefore until complete selling patterns will not develop till then decisive down moves will not be seen and firstly sustaining beyond 23551-23904 should be watched in next week for the life of on going previous week rally. 

Nifty-Correction expectations which may be deeper also

Technical Analysis,Research & 

Weekly Outlook(Oct 12 to Oct 16,2020)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (09-Oct-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 11938.60 on 09-10-2020

Conclusions from EOD chart analysis

(Corrective Waves)

Wave-B continuation with recent top formation at 11938.60 on 09-10-2020 and no confirmation of its completion yet.

Nifty-EOD Chart Analysis (Stochastic)

Nifty-EOD Chart (09-Oct-2020):-

Technical Patterns and Formations in EOD charts

1- Wave-B continuation with recent top formation at 11938.60 on 09-10-2020

2- Stochastic-%K(5) is at 92.69 & %D(3) is at 92.68

Conclusions from EOD 

chart analysis(Stochastic)

As Short Term indicator Stochastic is completely overbought therefore Short Term correction is very much due which will start any day in next week and expected that correction may be deeper also.

Nifty-Intra Day Chart Analysis

(09-Oct-2020)

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

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel

2- Selling between 11860-11938 

3- Whole day actual trading between 11806-11938

Conclusions from intra day chart analysis 

As Dow Jones Futures and most Global markets were trading strong therefore recovery from negative zone and closing was at the top of the day last Friday but view will not be Bullish because buying patterns were not seen and selling developed through:-

1- Firstly Up moves in Bearish Rising Channel

2- Selling patterns formations in last 4 hours.

As US markets closed strong last Friday therefore some up moves in the beginning of next week can not be ruled out and expected that Nifty will not sustain above 12000 and finally decisive down moves will be seen in next week.

Conclusions

(After Putting All Studies Together)

All trends are up and Wave-B continuation with recent top formation at 11938.60 on 09-10-2020 as well as no confirmation of its completion yet.

Although last Friday closing was at the top of Wave-B but Indian markets rally was US markets led and last 2 sessions intraday patterns are showing selling patterns formations also therefore expected that Nifty will not sustain above 12000 and correction will be seen in next week which may be deeper also because Stochastic and other Short Term indicators are overbought and suggesting that Short Term correction is very much due which may start any day.

 Follow up selling and today will confirm decisive down moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-10-2020)

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

Technical Patterns formation in today intraday charts

1- 4 Hours up moves in Bearish Rising Channel

2- Sharp fall

3- Whole day actual trading between 11792-11905

Conclusions from intra day chart analysis 

As Dow Jones closed more than 500 points up yesterday therefore huge gap up opening of Indian markets but after that 4 hours up moves in Bearish Rising Channel hence sharp fall was seen. 

As good selling at higher levels today therefore if follow up selling develops tomorrow then decisive down moves will be seen and its confirmation will be sustaining below today lowest(11792)

Watch levels for confirmations amid decisive down moves beginning expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-10-2020)

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

Technical Patterns formation in today intraday charts

1- Sharp up from negative zone

2- Last 4 hours up moves in Bearish Rising Channels between 11692-11763

3- Whole day actual trading between 11630-11763

Conclusions from intra day chart analysis 

Although firstly sharp up from negative zone but after that last 4 hours up moves were in Bearish Rising Channels between 11692-11763 therefore some selling at higher levels can not be ruled out which is within yesterday mentioned resistance range(11742-11777) and today closing was also just below it at 11738.35.

As short Term indicators are Overbought and selling patterns were seen within and below resistance range(11742-11777) therefore firstly sustaining it beyond should be watched for confirmations in the coming 1/2 sessions amid decisive down moves beginning expectations

 Firstly watch resistances for the life

 of on going rally

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-10-2020)

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

Technical Patterns formation in today intraday charts

1- Sideways trading between 11565-11607

2- Last hour up moves in Bearish Rising Channel

3- Whole day actual trading between 11565-11680

Conclusions from intra day chart analysis 

As Dow Jones closed more than 400 points up yesterday therefore all the Asian markets were trading strong today hence resultant strong gap up opening of Indian markets. 

Although firstly little more than 5 hours sideways trading between 11565-11607 and any one sided trading patterns were not seen but up moves were seen after that. As last hour up moves were in Bearish Rising Channel therefore some selling will be understood at higher levels despite today closing was near the top of the day.

Previous resistances below and above today highest are as follows:-

1- 11626-11670

2- 11742-11777

Although today closing was at the top of on going rally but clear consolidation patterns were not seen and selling patterns were also seen therefore firstly sustaining beyond above mentioned resistances should be firstly watched in the coming sessions for the life of on going rally.

 Follow up selling will mean decisive down moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-10-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11524-11578

2- Down moves in Bullish Falling Channel

3- Selling between 11550-11542

4- Whole day actual trading between 11453-11578

Conclusions from intra day chart analysis 

Following resistance were updated on 26-06-2020 in "Firstly up moves towards next resistances but finally correction continuation towards next supports":-

4- 11476-11529(Strong)

5- 11556-11598(Strong)

6- 11626-11670

7- 11742-11777

Although some supports at lower levels but higher levels good selling therefore follow up selling and once sustaining below today lowest will mean decisive down moves beginning because:-

1- Short Term indicators are Overbought.

2- Good selling was seen within above mentioned resistances.